Miami – New Construction – IN FORECLOSURE - This 12 story building with 90 units is just west of downtown Miami. Property consists of 1 & 2 BR loft-style units ranging in size from 620 to 984 sq ft. Of the 90 units, 17 closed and 73 are available. The units were originally sold at an average of $372 per sq ft. Total sq ft of the building is 83,320, of which 68,031 remains available in the 73 units. Units are currently being rented between $1.42 - $1.60 per sq ft ($950 to $1,400 monthly). Approximately 70% units have been rented. Original bank note was $19MM and current balance is about $11.7MM.