MIAMI, Fla., Dec. 12, 2013 (GLOBE NEWSWIRE) -- CWCapital Asset Management LLC ("CWCAM"), a subsidiary of CW Financial Services LLC and one of the largest Special Servicers of real estate, announced today that it has completed the sale of 444 Brickell Avenue in Miami, Florida.
The property is comprised of two office buildings located in the heart of Miami, measuring 200,368 square feet and 101,902 square feet, respectively.
The loan was transferred to CWCAM as Special Servicer on September 9, 2009 after the borrower was unable to meet debt service resulting from decreased property cash flow. Occupancy had fallen to 75 percent with an additional 20 percent of tenancy expiring by 2012. The property was appraised in 2010 for $32.5 million. The property sold on Monday, December 9, 2013 to Related Group for $104 million, resulting in a 100 percent recovery to the trust.
"This transaction underscores the depth of our experience in servicing distressed properties and our ability to execute and react quickly to changing market conditions," said David Iannarone, President of CW Financial Services LLC. "Our team identified and executed an asset level strategy that elevated the attractiveness and value of the property while conducting a marketing campaign that leveraged rising real estate prices in downtown Miami. We are confident that the timing is right and that we have maintained our principal goal, which has always been maximizing value on behalf of the bondholders."
About CW Financial Services
CW Financial Services ("CWFS") is a unique, vertically integrated commercial real estate services platform offering a full range of products and services including special servicing, investment sales, investment management, property management, research and consulting, insurance and risk management and technology solutions through its subsidiaries CWCapital Asset Management, CWCapital Investments, CompassRock Real Estate, ConvergentRisk Insurance Agency and CWFS Insight. CWFS employs 160 professionals in 5 offices nationwide. For more information, visit www.cwcapital.com.
Mike Goodwin Makovsky 212.508.9639