MIAMI-Brokers in the Miami office of Holliday Fenoglio Fowlerarranged the sale of a promissory note secured by a senior mortgageon the Ponce de Leon condominium in Coral Gables, a fractured,mixed-use condominium, at the end of June. The outstanding balanceon the note was roughly $13 million, although the buyer paid anundisclosed discounted amount.

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HFF managing director George Vail, director Jaret Turkell andexecutive managing director Manny de Zarraga brokered the sale onbehalf of Wells Fargo. The note was purchased by W Capital Group,which specializes in distressed properties. The firm, whoseprincipal is Yair Wolff, an Israeli investor, has offices in Ft.Lauderdale. It has already purchased several other fracturedcondominiums, says Turkell.

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The Ponce de Leon condominium has 50 one, two and three-bedroomunits plus 20 retail and office condominiums. The note was securedby the 32 unsold residential condominiums totaling approximately36,395 square feet, and eight commercial condominiums totaling6,836 square feet. Community amenities include a swimming pool,pool bar area, Jacuzzi, barbecue area, fitness room, sauna and athree-floor144-space parking garage. The condominium is locatednear Miracle Mile, an upscale office and retail street in downtownCoral Gables.

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