The Real Deal Miami

Tibor Hollo firm sues Florida Grand Opera over loan

The developer's Financial Markets LLC claims $2 million principal balance in foreclosure suit

November 01, 2015 12:00PM

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The Florida Grand Opera headquarters in Doral.

The Florida Grand Opera headquarters in Doral.

A company headed by developer Tibor Hollo  filed a foreclosure lawsuit against the Florida Grand Opera after it defaulted on a mortgage loan secured by its headquarters in Doral.

Susan T. Danis, chief executive officer of the Florida Grand Opera, said the headquarters building is under contract to be sold and the proceeds would be sufficient to pay off the loan. She also said the opera company might relocate after selling its Doral headquarters.

The opera company paid $6.8 million in 2007 for its 35,779-square-foot headquarters on a 1.7-acre lot at 8390 Northwest 25 Street.

The plaintiff in the foreclosure suit is Financial Markets LLC, whose managers include Hollo, chairman and president of Florida East Coast Realty, LLC; Florida East Coast executives Jerome Hollo and Wayne Hollo; and Leonard Katz, the firm’s controller and financial officer.

The foreclosure suit filed by Financial Markets claims the outstanding balance on the defaulted balance on the mortgage loan to the Florida Grand Opera includes $2 million in principal and $58,300 in interest.

“We’ve fallen behind on our payments,” Danis told the South Florida Business Journal. “It’s tough in the summer months. Cash flow isn’t good.”

Founded in 1941, the Florida Grand Opera has produced opera performances for 75 years in a row. The opera company has scheduled performances during the 2015-2016 season at the Broward Center for the Performing Arts and the Adrienne Arsht Center for the Performing Arts. [South Florida Business Journal] — Mike Seemuth