The Real Deal Miami

Downtown Miami retail owner faces foreclosure

Sabadell United Bank files lawsuit based on two mortgages securing property

May 12, 2014 12:00PM

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32 Southeast First Street

32 Southeast First Street

A downtown Miami retail building owner could lose its property through foreclosure.

Sabadell United Bank filed a foreclosure action last week against DPQ Associates. DPQ is managed by Robert Quittner, who is named in the complaint. The company owns a nearly 30,000-square-foot retail building at 32 Southeast First Street.

The 19,775-square-foot property is secured by two mortgages originally provided by TransAtlantic Bank, which was acquired by Sabadell, according to the South Florida Business Journal. The loans were last modified five years ago at individual balances of $1.8 million and $1 million. [South Florida Business Journal]Eric Kalis

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