Where Does Houston Real Estate’s Mosaic Go from Here?
The Federal Deposit Insurance Corporation (FDIC) has just taken over the famed downtown Houston condo Mosaic, along with several investors, including Starwood Capital Group. As an intriguing part of Houston real estate, the Mosaic condos are luxurious and refined, and generally sell for about $300 per square foot. However, this stunning tower, which overlooks Hermann Park, has been seized by the FDIC after being foreclosed on by the lender. FIDC and Investor Owned All unsold units of this downtown Houston condo building are now the property of the FDIC and several investors, who agreed to purchase an interest in the lenderâ s assets. The lenderâ s assets include more than 100 properties across the nation, and are valued at more than $4.5 billion. Most of the properties owned by the lender are of the condominium variety, similar to the Mosaic. Choice Condominiums is managing and selling the unsold condominiums of the Mosaic. The consortium, which consists of the FDIC and the investor gr
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