iStar Financial Takes Ownership of South of Fifth

January 19, 2011

Earlier today, iStar Financial announced that it will now have full ownership of the luxury beachfront condominium project known as South of Fifth.  iStar Financial had recently filed and won a foreclosure action against the developer of South of Fifth, BR Villa Luisa.  Completed in 2008, South of Fifth is located at 125 Ocean Drive in the South of Fifth neighborhood of Miami Beach, Florida.  25 units remain unsold in the 28-unit luxury building along the picturesque beaches of South Beach.