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MIAMI-Gencom Group has utilized over $250 million it earned fromthe sales of 50% of its stake to an Argentinean investor onrestructuring loans on a number of its properties. The developerhas purchased the $230-million mortgage on the 260-roomRitz-Carlton resort at a discount on a foreclosure auction held inJuly.
Gencom also used some amount from the proceeds to pay a portionof the loan on the 117-room Ritz-Carlton Bachelor Gulch in BeaverCreek, Colo. For the full story, go to Wall Street Journal.
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