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Miami Beach Hotel NOTE

Bank feels owner will not pay loan when due in March – so selling the note at slight discount now

Offered at 15 – 16m

UPB 16.4m, appraised at 33m in 11/2008
maturity 3/2011 @ 7 % fixed, performing loan as of today
size 216k sq ft, on 3.8 acre with 500 ft of ocean frontage
total rooms 478 , including 13 units for condo conversion, built in
bank will finance up to 70 %

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Cash Flowing Texas Apartment Building

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