search

The Real Deal Logo

Trending

Rent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsSL Green, Vornado kick in $100M to extend 280 Park loanSL Green, Vornado kick in $100M to extend 280 Park loanVictor Sigoura picks up site of failed West Chelsea condo for $87MVictor Sigoura picks up site of failed West Chelsea condo for $87MH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boom
South Florida

Coral Gables office condos face foreclosure

A foreclosure lawsuit filed by Miami-based West End Trust has targeted a commercial condominium building in Coral Gables.

West End Trust filed the lawsuit against Urbanism 814, which owns the property at 814 Ponce, on June 27. The lawsuit concerns two mortgages that were modified for a combined $3.48 million in 2010 by U.S. Century Bank. The Doral-based bank then sold the mortgages to West End Trust in 2012.

Urbanism 814 purchased 23 of the office condos in 2007, in addition to a 13,472-square-foot parking lot, but managed to sell only 18 of the units.

Sign Up for the undefined Newsletter

The company has recorded no sales since the last loan modifications in 2010, South Florida Business Journal reported.

The loans matured on June 30 of this year.

S. Alan Stanley, the attorney representing West End Trust in the lawsuit, declined to comment. [South Florida Business Journal] — Sasha von Oldershausen

Tags
Coral GablesForeclosures