The Icon Brickell condos, the Related Group of Florida’s development, were turned over to the banks on May 11 after owing $351.3 million on the project’s loan.
In 2006, HSBC Realty Credit Corporation and other lenders granted a $502 million mortgage on the Brickell condos, Towers 1 and 2.
In June 2009, the loan matured and even with discounting the 1,800 Icon Brickell condos and acquiring buyer financing, the Related Group couldn’t close it out.
Although that loan matured in November, the third tower belongs to the developer and is covered by a different mortgage.
On May 12, it was announced that the unsold Brickell condos in Icon Brickell would be turned over to the lender in a “friendly settlement”. The Related Group would work with Fortune International to sell the Miami real estate property units.
The Related Group deeded the condos in Brickell to an affiliate of HSBC Realty called Icon Brickell LLC, court documents showed, which paid taxes on the outstanding balance of the mortgage. HSBC Realty transferred the construction loan to Icon Brickell LLC.
Three Miami commercial properties and 870 units and the in the two towers were turned over to the lenders, court documents show.
Contributed by MLR Realty
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