MIAMI—The Filling Station, the last unfinished condo project in the Downtown Miami area, has been sold for $9.2 million. A partnership between NR Investments and Taho Investments acquired the asset.
The partnership plans to invest another $11 million to complete the 81-unit multifamily project. Metro 1 Properties represented the buyers. The seller is PAC Capital, a Miami company members of the Galbut family manage. PAC repossessed the unfinished condo development about a year ago.
“Filling Station went to auction and only one other bidder went after it—and stopped when the price hit $3,300,” Peter Zalewski, principal at Bal Harbor-based Condo Vultures, tells GlobeSt.com. “The tower sits on North Miami Avenue in the Biscayne Boulevard corridor and offers 77 units. It’s one of the last unfinished projects in Greater Downtown Miami.”
PAC obtained a “Final Judgment Of Non-Residential Foreclosure” for $41.1 million against the project’s developer, Filling Station Lofts LLC, on Dec. 1, 2011, according to an order signed by Miami-Dade Circuit Court Judge Gill Freeman. The judgment totals $26.9 million in principal and $14.2 million in interest, as well as court costs and attorneys fees, the order shows.
“The loan was purchased from Ocean Bank,” Zalewski says. The Filling Station is in a less desirable area of Downtown Miami, with a cemetery to the north, a cement mixing plant to the west and a homeless shelter to the south.