The Real Deal Miami

Coral Gables office condos face foreclosure

West End Trust files suit over mortgages totaling $3.5M

July 03, 2014 04:37PM

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simi_valley_foreclosures-signA 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.

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

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