Company Approach Portfolio
Bio Press Contact
Cabi Proposes Bankruptcy Sale of Fort Lauderdale Site
South Florida Business Journal   Brian Bandell  December 2011

Aventura-based Cabi Developers has proposed the sale of a prime site along the New River in Fort Lauderdale through a U.S. Bankruptcy Court action.

Cabi New River, which is managed by the wealthy Cababie family of Mexico, filed Chapter 11 reorganization in December 2010. The company owns marine industrial property on 5.1 acres at 400 S.W. Third Ave. It intended to develop it as a large indoor boat storage facility. The site includes the Pirate’s Republic restaurant and a water taxi service.

HSBC Realty Credit Corp. has a $17.4 million mortgage on that property.

On Nov. 18, Cabi New River filed a motion in bankruptcy court to sell its property to A&C Builders LLC for $11.75 million. State records show the proposed buyer is managed by Asaf Cymbal, of Miami Beach. He heads Cymbal Development.

Cabi New River worked with brokers CBRE and Emerald Real Estate to find a potential buyer.

The sale price would be a 32 percent discount off its mortgage, but some of the proceeds would probably be used to pay the $718,390 in outstanding property taxes on the site.

A hearing on the motion to sell the property to A&C Builders was scheduled for Dec. 20 in bankruptcy court in Miami.