Loan for land near Freedom Tower sold

10/14/2010

On Sept. 28, iStar sold the 600 Biscayne mortgage to Hollywood-based FT Land, which is managed by Inge Frohlich. In a recent Securities and Exchange Commission filing, he was listed as a director of Grand Cayman-based Emerald International, which was helping hedge fund Crystal Capital Partners in a $277.7 million capital raise.

Adam Greenberg, managing director of Miami-based BayBridge Real Estate Group, said the site [1-acre site behind Miami’s landmark Freedom Tower] is worth about $6 million.

“It sounds like someone is backing into a very good land bank deal by buying the defaulted note and holding it till the market recovers completely,” Greenberg said.

For the FULL article from South Florida Business Journal by Brian Bandell, please click HERE.

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