The Real Deal Miami

Miami banks files foreclosure suit against truck site

Case regards mortgage modified in 2008 at $4.75 million

October 27, 2014 04:30PM

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simi_valley_foreclosures-signA Miami bank filed a foreclosure suit to gain control of an industrial site in Medley used for truck sales.

Ocean Bank filed the suit against Southern Peninsular Land Development, tenant Truck Brokerage by National Group and loan guarantors Alejandro Ascota and Marta Elortegui, who manage the truck brokerage, according to the South Florida Business Journal.

The suit in question regards a mortgage modified in 2008 at $4.75 million. Southern Peninsular owns the 11.3-acre site at 11800 Northwest South River Drive. [South Florida Business Journal]  – Jennifer White Karp

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