MIAMI-A group including Jorge Perez paid nearly $100 million in May to acquire the first mortgage on downtown Miami's Omni International Mall. Genting Malaysia Berhad purchased the note a few months later from Perez's group for more than $160 million.
Genting now plans to construct a $3.8-billion gambling resort on the Miami site. In an interview, Perez said that he wanted to construct three towers on the site. But Genting took control of the property by acquiring a $45-million mezzanine loan. For the full story, go to Wall Street Journal .
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