Edgewater Lofts

Biscayne Atlantic purchased a note from a South American-based bank collateralized by the remaining 50 condominium units in the 69-unit Edgewater Lofts project in Midtown Miami. The bulk purchase price of $99 per square foot was well below the average sales price of $305 per square foot for the units sold by the original developer. All units were subsequently sold at a significant profit that exceeded projections.

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