MIAMI-Carbon Capital III Co-Investments has saved the Continental Oceanfront Hotel situated in South Beach from foreclosure. In 2009, Swedbank and Bank Midwest struck 1825 Collins Avenue Owner, a firm operated by New York-based Ian Schrager and Aby Rosen, of Studio 54, with a foreclosure suit.
The foreclosure lawsuit was filed on the 250-room hotel over a $146.5-million mortgage. The mortgage was later changed hands to 1825 Collins Mortgage Acquisition and then to Carbon Capital III. The owner refinanced its loan with Carbon Capital. For the full story, go to South Florida Business Journal.
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