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Unfinished Lake Park condo sold at 70% foreclosure discount

One Park Place in Lake Park
One Park Place in Lake Park

Texas-based lender Iberiabank Mortgage sold the unfinished, repossessed condo project One Park Place in Lake Park at a 70 percent discount.

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The bank foreclosed on the owner Park Avenue LLC’s $6.9 million mortgage, later seizing the property in March, the South Florida Business Journal reported. Now-defunct Naples-based Orion Bank originated the loan. The property at 801 Park Avenue contains 40 half-completed units and a vacant site for a second building.

North Palm Beach-based One Park LLC, headed by Robert Spiegel, acquired it from the bank for $2.05 million. [South Florida Business Journal] — Mark Maurer