The Real Deal Miami

Foreclosure filed over EuroSuites Residences and Resort

Bank claims owner of 258 units near Miami International Mall owes about $37 million

June 16, 2014 12:45PM

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EuroSuites Residences and Resort

EuroSuites Residences and Resort

The owner of the EuroSuites Residences and Resort near the Miami International Mall faces foreclosure.

Spanish bank NCG Banco S.A. filed a foreclosure action against property owner ES2010 LLC in Miami-Dade Circuit Court last week. The lender could end up with 258 unsold condo hotel units at the 1750 Northwest 107th Avenue site. EuroSuites has a total of 368 hotel rooms.

ES2010 acquired most of the resort’s units for more than $30 million in 2010, according to the South Florida Business Journal. It received 100 percent financing from Caixa de Ahorros de Galicia, which eventually had to get bailed out by Spanish authorities.

The borrower owes NCG Banco nearly $28 million in principal, $8 million of interest and $673,000 in property taxes, according to Miami attorney Jose Casal, who represents the lender. [South Florida Business Journal]Eric Kalis

  • Rosmer Abad

    This News was forwarded from South Florida Business Journal.

    I did reviewed the Eurosuites news when SFBJ published last June 2014.
    At that time this News interested me and some other investors, but we faced the following facts:

    The Eurosuites Foreclosure is about some Units from the fractured Condohotel, nor the whole Condohotel, and wasn’t true there are 258 units.

    NCG Banco (Now ABANCA) is running away from US, they throw the US banking licenses, and is facing Fraud investigation by FDIC and some others. They are trying to sell fast every asset.

    This Foreclosure seems very complicated, you can reviewed Case # 14-15031-CA-02 by internet in Miami Dade County Clerk Civil Court On line Docket.

    As today, the Foreclosure has 16 Defendants, and Motions in Spain Court, The Bank has 5 months trying to prove they own and hold the Note and Mortgage, and they didn’t yet.

    Apparently, the New owner from NCG Banco (Abanca) bought this Loan for less than $800,000 4 mounth ago.
    There are almost 3 years delinquent in P.Tax debt and some other debt in HOA.

    Best Regards

    Rosmer Abad.
    Investment Banker

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