MIAMI BEACH-An associate of BRT Realty Trust has purchased the distressed loan on the Savoy Hotel, a 75-room hotel at 425 and 455 Ocean Drive in Miami Beach. The Federal Deposit Insurance Corp., a receiver for Bankfirst in South Dakota, filed a foreclosure suit in 2009 against the hotel owner, Savoy Hotel Partners.
Savoy Hotel Partners purchased the hotel in 2005 for $28 million and received a $34.85-million loan in 2006 from Bankfirst. The foreclosure suit remains pending against the hotel owner.For the full story, go to South Florida Business Journal.
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