An all cash deal, the mortgage was purchased from the lenders ata discount to the outstanding debt. The actual price was notdisclosed.UrbanLand Co., which handled the sales and marketing ofthe project under its former ownership will continue withGoldstar.


Goldstar tapped its recently formed subsidiary, MetropolisCapital Finance, to finance the deal. Metropolis CEO CliffMendelson, who joined the firm lastyear, says the Floridian met the profile of deals the companywants to make. "Our investors are thrilled to be involved in thisproject, which we hope will be the first of several in 2010," hesays.Mendelson is one of a handful of new hires the company hasbrought on in recent months in anticipation of growing itsinvestment platform this year.

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