Starwood, South Street Buy Beach Tower On The Cheap

Law360, New York (January 6, 2012, 6:13 PM EST) -- Starwood Capital Group and South Street Partners LLC have completed their purchase of the million-square-foot North Beach Towers in North Myrtle Beach, S.C., at a "significant discount” to market value, they said Friday.

Greenwich, Conn.-based Starwood Capital and Charlotte, N.C.-based South Street did not disclose the purchase price but said the deal allows them to assume control of all of the units in the condominium — the largest on South Carolina's 60-mile-long Grand Strand — and also assume outstanding bank debt.

The debt was purchased from...
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