NEW YORK CITY-Dune Real Estate Partners has decided to buy a mortgage loan for the distressed Mark Hotel. The fund will buy the note from Anglo Irish Bank for nearly $190 million.
Developers were looking to raise $308 million by turning 42 of 160 units in the hotel into co-ops, but instead they withdrew their plans and sold 10 suites for $167 million in 2009. The Mark still functions as a 150-room hotel.For the full story, go to Wall Street Journal.
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