Lender acquires bankrupt Florida resort for $43 million

By Nathan Hale (August 28, 2020, 8:21 p.m. EDT) – A Florida bankruptcy judge has approved the sale of the assets of a newly built resort in Hollywood, Florida to a secured lender for $43 million after no other bidders emerged for the property.

Miami-based U.S. Bankruptcy Judge A. Jay Cristol approved the sale of developer Costa Hollywood Property Owner LLC to 777 North Ocean Drive LLC during a hearing on Wednesday, a day after confirming the Chapter 11 liquidation plan of the debtor, according to court records and the debtor. Advice.

“We are very pleased to have achieved a successful release of Chapter 11 so quickly for the benefit of all stakeholders, including secure stakeholders…

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