W Fort Lauderdale gets mod on $245 million iStar loan

An iStar-backed hotel is getting a new lease on life. The W Fort Lauderdale, which opened in 2009 but has not yet sold any of its condominium units, has reached a modification on its $245 million mortgage that dates back to 2006. The loan mod with lender iStar stated that $232.7 million of the original loan was outstanding. It gave Capri Resorts, part of Miami-based DYL Group, an additional $7.6 million on top of that number. DYL’s John Yanopoulos said in the summer that the hotel was doing well, with occupancy in the upper 60th percentile. [SFBJ]