The stalled residential project on Southwest Ranches was sold as a short sale these days, as BankAtlantic agreed to take a 65% loss of its mortgage. The Fort Lauderdale-based bank started its foreclosure proceedings in September by filing a lawsuit against Sutton Ranches over a $3.25 million mortgage. The mortgage was taken out to purchase [...]
Tamiami Automotive Group has been hit with a foreclosure lawsuit over its 18.1-acre site in Miami. The lawsuit was filed by CorePointe Loan Holdings Oct. 7 against SSI Properties and it names Tamiami Automotive Group too. The lawsuit concerns a mortgage issued for $8.8 million four years ago by Chrysler Financial Services Americas, which later [...]
Woolbright Development’s Intracoastal Mall in North Miami beach slipped into foreclosure as it defaulted on its $59.2 million mortgage. The foreclosure lawsuit was filed by CJUF III Intracoastal, an affiliate of Los Angeles-based Canyon Johnson Realty Advisors, Oct. 7 and it targets MSW Intracoastal Mall, Boca Raton-based Woolbright Development and Woolbright CEP Duane Stiller. The [...]
A 119-unit rental complex in Greater Fort Lauderdale is scheduled for a foreclosure auction November 8 in order to repay a $23.2 million debt, CondoVultures reported. TotalBank obtained a consent final judgment of foreclosure for $19.8 million in principal plus $3.4 million in accrued interest against the owner of the King’s Row rental complex located [...]
An affiliate of Related Group, a Miami-based entity, is set to seize the Onyx 2 condominium development site along Biscayne Bay as it won a $15.3 million foreclosure judgment against the owners. The foreclosure lawsuit was filed by an affiliate of BNP Paribas three years ago against O2 LLC and guarantors BAP Development, Willy Bermello, [...]
The owner of the Miami Beach-based Sagamore Hotel decided to fill for Chapter 11 bankruptcy while the hotel faces foreclosure lawsuit. In its filing, Sagamore Partners Ltd. declared between $10 million and $50 million in assets, and a similar range for debts. The company has a $12.5 million loan from 14th Brickell West Ltd. under [...]
Trouble rarely travels alone, they say and they are right. The Related Companies’ mixed-use mall located at 460 South Rosemary Avenue in West Palm Beach or better known as CityPlace was recently hit with foreclosure. But this isn’t enough, now the procedure affected both the development’s current tenants and South Florida retail real estate as [...]
The 160-acre Kendall Commons was taken over by Lennar Homes and BankAtlantic entities which plan to amend its development plan. Public records show the Miami-based homebuilder purchased a $46.1 million judgment from City National Bank of Florida, a Miami-based lender, which owns the majority of the site located at Kendall Drive and Krome Avenue, including [...]
