The Royal Palm Hotel was sold yesterday for $126.1 million to Sunstone
Hotel Investors. The Aliso Viejo, Calif.-based company now owns the
409-room hotel at 1545 Collins Avenue, one of 31 hotels in its
portfolio. Wachovia Bank, representing a commercial mortgage-backed securities fund, won a $142.7 million
foreclosure judgment against the hotel in April. The lender bid $94
million at the auction, but that number was topped by Sunstone, which
said it is looking for a company to manage the hotel. Sunstone plans
to begin a comprehensive renovation that could take two years to finish.
[SFBJ]
Posts Tagged ‘wachovia bank’
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The Royal Palm Hotel was sold yesterday for $126.1 million to Sunstone
Hotel Investors. The Aliso Viejo, Calif.-based company now owns the
409-room hotel at 1545 Collins Avenue, one of 31 hotels in its
portfolio. Wachovia Bank, representing a commercial mortgage-backed securities fund, won a $142.7 million
foreclosure judgment against the hotel in April. The lender bid $94
million at the auction, but that number was topped by Sunstone, which
said it is looking for a company to manage the hotel. Sunstone plans
to begin a comprehensive renovation that could take two years to finish.
[SFBJ] -
Real estate sources say Wachovia Bank, which is owned by Wells Fargo, is
close to signing a deal to consolidate a significant portion of its
Miami operations at the newly-constructed Met 2 Financial Center.
According to company spokesperson Dale Rim, the company has not
finalized any new lease. Wachovia has seven years remaining on its
130,000-square-foot lease at its namesake building. [Miami
Herald] -
Hallmark office building Las Olas Centre in Fort Lauderdale has been repossessed after losing a foreclosure action by Wells Fargo. The bank filed a suit against BF Las Olas, the building’s owner, and BentleyForbes Holdings in August. The foreclosure action related to a $166 million first mortgage. Wells Fargo said in an e-mail that it now owned the two buildings at 350 and 450 Las Olas Centre, which total nearly 470,000 square feet. Las Olas Centre was sold three years ago for $230.9 million, which was, at the time, a South Florida record at $492 per square foot. Notable tenants in the complex include Wachovia Bank and Citigroup. [SFBJ]
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The representative of a commercial mortgage-backed security originated by Wachovia Bank Commercial Mortgage Trust has filed a foreclosure suit against 6810 Lyons Technology Park, according to records in Broward County Circuit Court. The Coconut Creek building’s owner is part of Principal Financial Group, based in Iowa. The loan at issue had $5.7 million outstanding last month, in addition to being past due by more than 90 days, a report from analytics firm Trepp says. There was a CMBS foreclosure on 6855 Lyons Technology Circle, owned by Principal Life Insurance, in March regarding a $3.3 million mortgage. Special servicer for the loan is Miami Beach-based LNR. [SFBJ] Comments
The Royal Palm Hotel in Miami Beach, on Collins Avenue and 15th Street, is set for auction after its owner lost a foreclosure judgment for nearly $143 million. The plaintiff was Wachovia Bank, acting as special servicer for a Credit Suisse First Boston commercial mortgage-backed security fund. The amount of the note was $108.4 million, and the final judgment included interest and fees. The Royal Palm has been in receivership since March 2009, the date of the filing of the foreclosure action. The hotel will be auctioned May 27. [SFBJ] 2 Comments
Wachovia Bank has filed a foreclosure lawsuit against the owners of the 160-unit Palm Club Apartments complex near Palm Beach Community College in Lake Worth. Palm Club Apartments LLC purchased the complex, along with an adjoining 2.6-acre site, for $9.5 million in 2004. The company obtained an $8.7 million mortgage from Wachovia at the time, as well as an additional $3.5 million from the bank one year later. TotalBank is foreclosing on the condo converter of the 108-unit Miller Lake Condominiums at 5400 SW 77th Court, west of Coral Gables. Miller Lakes Group bought the building for $12.7 million in 2007, and received a $12.2 million mortgage for the property, and is now facing a $7.1 million lawsuit in Miami-Dade County Circuit court. Regions Bank has won a $3.8 million foreclosure judgment against the owner of a vacant, 6.9-acre site intended to be a Mercedes dealership in unincorporated Palm Beach County. Gun Club LLC and Nick Rahal bought the parcel, along Gun Club Road. It’s set for sale at auction Nov. 9. Lender JPMorgan Chase is suing the owners of Wilton Manors at 2412 and 2500 NW Ninth Avenue in a $3 million foreclosure suit. The bank has filed a motion for a receiver to take over management of the property, which was purchased in 2002 by Manor North and South Apartments LLC for $2.2 million. 31 Comments
The second phase of the high-profile Wind by Neo condominium project
faces a foreclosure suit by lender Wachovia Bank. The bank filed a
foreclosure suit on the first phase of the project in December. The
42-story tower was placed under a court appointed monitor in August.
About 25 buyers are seeking to recover their deposits for units at the
development. [more]
