Place all the ingredients for the basting sauce in a blender or food processor and puree. Transfer to a nonreactive bowl and allow to sit for a couple hours to blend the flavors. Marinate the steak in the mixture for 1 to 2 hours.
To prepare the beef, drain the meat and reserve the marinade in a pan. Bring the marinade to a boil, reduce the heat and simmer 20 minutes.
Grill the beef over a medium-hot fire, basting frequently with the marinade, and turning often, for about 10 to 12 minutes for medium rare (150 degrees F. internal temperature).