First BanCorp suffers a series of high-profile foreclosures including Abel Homes at Key Winds

Abel Homes at Key Winds Florida, on which First BanCorp filed to foreclose in May

Fitch Ratings placed First BanCorp on a negative ratings watch list and downgraded the ratings of its main subsidiary, Firstbank Puerto Rico last Friday, citing concerns by federal regulators about a large number of b [more]

Abel Homes at Keys Winds in Florida City and Maitland’s Carrington Park are the subjects of a foreclosure suit filed by FirstBank Puerto Rico against Coral-Gables based GREC Conversions, which bought both properties intending to convert them into condos. The company purchased Abel Homes at Keys Winds five years ago for $10.5 million, and acquired a $29.5 million mortgage for Abel Homes and Carrington Park. According to Miami-Dade Circuit Court records, the mortgage was modified in Feb. 2009, with $12.7 million outstanding. There are 85 unsold units in Abel Homes, which is at 416 Banyon Tree Circle in Maitland, and 44 unsold units remaining in Carrington Park, which is located at 989 SW Sixth Place, one of the southernmost developed sites in the county. [SFBJ]

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