MIAMI—Madison Capital Management, LLC, an investment management firm specializing in niche distressed, real estate, natural resources and special situation financial assets, has stepped in the ongoing W South Beach Hotel & Residences project here by acquiring a $45-million B note loan from Hypo Real Estate Capital Corp. Developing the property are Tri Star Capital, the Related Group and Starwood Hotels & Resorts. The loan is secured by the project, which is scheduled to be completed on time in the summer of 2009. The condo hotel will feature 419 units priced from $700,000 to more than $5 million. Unit owners will be able to place their units in a voluntary rental program. This is the first W project made up of entirely residences. The property will additionally feature two signature restaurants; two outdoor, infinity-edge pools; a Bliss Spa; secret gardens, pool cabanas with flat-screen televisions; and a fitness center.
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