An affiliate of Aventura-based Cabi Developers plans to sell 5.9 acres on
the New River in Fort Lauderdale for $11.75 million to emerge from
bankruptcy.

Cabi New River on Dec. 20 will ask U.S. Bankruptcy Judge A. Jay Cristol in
Miami to approve the land deal. In December 2010, Cabi New River filed for
Chapter 11 bankruptcy protection with plans to restructure a $17.5 million
loan from HSBC Realty Credit. The loan is backed by the land in downtown
Fort Lauderdale. HSBC is not objecting to the land sale. The proposed
buyer is A&C Builders, an affiliate of Miami-based Cymbal Development,
which is planning a mixed-use project in Miami’s Design District. The
Miami project would have 54 residential units, about 42,000 square feet of
retail space and a 400-space parking garage.

Cymbal president Asi Cymbal declined to comment on the New River site.