The Real Deal Miami

Lennar Homes gets 39 percent discount on foreclosed Davie townhouse

TotalBank won judgment against Flamingo Village Corp.

July 08, 2013 04:00PM

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Davie in Broward County

Home builder Lennar Homes received a 39 percent discount on the purchase of a foreclosed townhouse project at 1300 South Flamingo Road in Davie, the South Florida Business Journal reported.

Miami-based TotalBank affiliate White Leaf Development owned the property after winning a foreclosure judgment against Flamingo Village Corp. over a $5.3 million mortgage, the publication said. The affiliate acquired the land in a deed in lieu of foreclosure.

Lennar then bought it from the bank for $3.25 million, the Journal said. The groundwork for a second building has been paused. The first building, which contains seven model townhouses, is finished, the report said.

In 2011, Lennar Homes has paid $36 million for a 120-acre site in Parkland near County Line Road. [South Florida Business Journal]Mark Maurer

 

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