Miami Beach – New Construction –– Project will be completed late 2009 - This project consist of six buildings, five involve new construction and one renovation of an existing structure. The renovated property closed in early 2008 with about a 30% default rate). This luxury property has 202 units, ranging in size from 557 sq ft to 1937 sq ft. The property was essentially sold out between $500 a foot and up to $1000 a foot for some units and has a total of about 220,000 sq ft. An estimated 190,000 sq ft remains available. Lender debt is $60MM.