- Starwood Capital Touted as Winner of Corus Loans
- Atlanta Faces Glut of Unsold Corus-Loaned Condos
- Watergate Hotel Sale Near for About $40M
- $27M Hotel-Condo Resort Planned on Mediterranean
- Israeli Investors Pump Another $50M Into Vegas Projects
- Marc Brashear of Hugo Boss Buys $3.2M Condo in Tribeca, NY
Barry Sternlicht
The Federal Deposit Insurance Commission auction is expected to be held before Oct. 31.
The FDIC seized the under-capitalized 19-year-old Chicago-based bank Sept. 11. The bank's $6.6 billion in deposits were sold the same day for a so-far undisclosed sum to another Chicago bank, MB Financial Inc.
Robert Glickman
Other bidders include Related Cos., TPG, Perry Capital LLC, W.L. Ross & Co., Crescent Heights, Colony Capital LLC and Lubert Adler Group. Wilbur Ross, head of New York-based W.L. Ross & Co., already has announced he is partnering with Sternlicht on the bid.
(ATLANTA, GA) -- Atlanta developers hanging on to a total of 10 loans valued at more than $600 million are anxiously awaiting the outcome of the FDIC Corus bank assets auction this month.
Their fear is triggered by the 1,539 condo units, backed by Corus loans, that remain unsold. That is about 80 percent of the bank's total loans that cover a total 1,919 units in metro Atlanta. Atlanta was Corus Bank's third largest condo market.
As of June 30, 2009, Corus had $4.42 billion in total commercial real estate loans and $463 milion in repossessed properties on the books.
(WASHINGTON, D.C.) -- The 251-room Watergate Hotel that gained notoriety in 1974 during a botched breakin at Democratic National Committee headquarters, is under contract to be sold for a speculated $40 million.
(Please see "Watergate Hotel Auction Strikes Out," July 22, 2009)
PB Capital, a unit of the German Deutsche Postbank AG is selling the property to a venture led by Holland Development Group.
An affiliate of Washington-based Monument Realty and an affiliate of Lehman Brothers Holdings Inc. bought the hotel in 2004 for about $45 million. They had planned to convert the hotel to condominiums but couldn't find the financing.
The Monument affiliate defaulted on a $43 million mortgage loan earlier this year and PB Capital took the property back at a July foreclosure auction.
(JERUSALEM, ISRAEL) -- Shareholders of Property and Building Corp. and IDB Developments, both based in Jerusalem, have approved another $50 million investment into their various Las Vegas projects which represent an investment of about $220 million to date.
Israeli billionaire Nochi Dankner, who controls both companies, said the $50 million will be booked as a shareholders' loan paying $15 percent annual interest.
However, Dankner assured shareholders none of the $50 million will go to the $7 billion Plaza Las Vegas casino and hotel-condo project under construction in Vegas.
That assurance was necessary because Property and Building, and IDB Developments each have a 25 percent ownership stake in Plaza Las Vegas. Another Israeli billionaire, Yitzhak Tshuva owns 50 percent through his Elad Group.
(MOSHAV MIKHMORET, ISRAEL) -- Tel Aviv developers David Stern and Niv Vigdor plan to build Miramar Luxury Resort, a 200-suite, $27 million condo destination on 13 acres at Moshav Mikhmoret which lies between Netanya and Casesarea on the Mediterranean coast.
The parcel sits at the northern edge of Mikhmoret. There hasn't been any real estate development there since the original Miramar holiday village was built in the 1960s and closed in the early 1970s.
For branding purposes, Stern and Vigdor are negotiating with Marriott (Ritz-Carlton), Kampinsky and other Far East hoteliers.
(CELEBRITY CORNER) -- Marc Brashear, chairman and CEO of Americas Hugo Boss, paid $3.2 million for a 2,793-square-foot condo at 60 Beach St. in Tribeca, NY.
Seymour Zises, founder of the investment advisory firm Family Management, and his wife, Cathy, have sold their five-bedroom apartment at 1016 Fifth Ave., New York City to investor Paul Orlin for $8.9 million. It was listed for $10.95 million.
Publishing entrepreneur Win McCormack has put his four-bedroom, 1,600-square-foot apartment at 170 East End Ave., New York City, on the market for a listed price of $10.5 million. The apartment overlooks Gracie Mansion and the East River.
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