search

The Real Deal Logo

Trending

HGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aFederal agency pushes big change for title insuranceFederal agency pushes big change for title insuranceSteve Ross’ Related wins bid to build $300M West Palm convention center hotelSteve Ross’ Related wins bid to build $300M West Palm convention center hotel
South Florida

K. Hovnanian Homes buys stalled 35-acre dev for $11M

Ara K. Hovnanian
Ara K. Hovnanian

New Jersey-based developer K. Hovnanian Homes bought a stalled 35-acre development site in Royal Palm Beach for $11 million, a 15 percent discount to the foreclosed mortgage.

Sign Up for the undefined Newsletter

Redus Florida Land, an affiliate of Wells Fargo Bank, sold the site at 11925 Southern Boulevard, after foreclosing on the $13 million mortgage held by Cypress Key Commercial Development Company. The bank seized it in 2011. There are 147 residential units and 125,000 square feet of commercial use, the South Florida Business Journal reported.

Fort Lauderdale-based Realty Masters agents Don Ginsburg, Mike Christopher and John Csapo were in charge of marketing the property for the bank. [South Florida Business Journal] — Mark Maurer

Tags
Banks