Another One? 2201 Collins Fee, LLC a/k/a W South Beach in Foreclosure

The South Florida Business Journal is reporting that 2201 Collins Fee, LLC a/ka/ The W South Beach, is in foreclosure.

You can read the entire article here.

Hypo Real Estate Capital Corp., an affiliate of a German lender, filed a foreclosure lawsuit Oct. 11 against 2201 Collins Fee LLC, which is managed by New York-based TriStar Capital and RFR Realty. It targets the 216 unsold condo-hotel units and the common areas in the 408-unit, 20-story hotel at 2201 Collins Ave.

According to the article, the Hypo Real Estate loan to 2201 Collins Fee was modified at $378.4 million in June 2010 after getting an $8.4 million increase. The loan is divided into three tranches.

According to research by Miami-based Condo Vultures LLC, which is cited to in the article, the developer of the W South Beach sold 207 units for $310.2 million, or $1,832 a square foot. It also states that the most recent sale was in January 2013.