The Real Deal Miami

Coral Springs condo enters foreclosure

August 07, 2008 11:49AM

Coral Lake 260, a subsidiary of Coral Gables-based developer BH Capital, which converted the Crescent Cove Condominiums in Coral Springs, now faces foreclosure. The company owes more than $9.6 million on a mortgage held by Ocean Bank. Coral Lake 260 bought the 260-unit Crescent Cove in July 2005 for $33.8 million. At the time, Ocean Bank wrote it a $31.7 million mortgage. Ocean Bank also has foreclosure lawsuits pending against two other BH Capital affiliates.