Miami - New Construction – This 17 story, 128 unit building is located near downtown Miami. This 128 unit building has 1, 2 and 3 BR units with sizes ranging from 693 sq ft to 1,238 sq ft. Of the 128 units, 72 closed, leaving 56 available. Total available sq ft is approximately 51,000. Current listed rents range from $1.55 a sq ft to $2.20 per sq ft. HOA’s are approximately $.45 per sq ft. Regarding closings, 71 units closed in October 2007 to January 2008 and one additional unit closed in May, 2008. No units have closed since that time. The mortgage was $29MM, and was satisfied in January 2008. These are likely in a developer close-out sale.