Onyx on the Bay Note Purchased By Hyperion Onyx Partners, LLC

September 15, 2009

I learned late last week that Hyperion Onyx Partners, LLC, an affiliate of Hyperion Development Group purchased the note for Onyx on the Bay.  The note was held by the now defunct Corus Bank and was acquired just days before the Chicago-based bank was taken over by the FDIC.  Hyperion Development is the developer behind Marina Blue, one of the few recently constructed condo developments that have been able to close 100 percent of their units. This represents Hyperion Development Group’s first soiree into asset acquisition.  Details of the transaction have yet to be disclosed.

Onyx on the Bay is a 118-unit bayfront condo development located in Edgewater Miami at 665 NE 25 Street.  Condo closings began on July 31, 2007.  It’ll be interesting to see at what price the unsold condos at Onyx on the Bay are priced at if Hyperion Development Group chooses to resell them immediately.  There are currently 11 condos available for sale on the MLS at an average price per square foot of $368.  3 of the 11 condos are short sales.  There are currently zero pending sales and a condo hasn’t closed at Onyx on the Bay in over a year.  My guess is that pricing will need to be at around $175 per square foot in order for the unsold inventory to move.