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.

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.

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.