The Real Deal Miami

Bank looks to foreclose on condo-conversion units

October 30, 2008 04:33PM

AmTrust Bank hopes to foreclose on a mortgage it holds for 333 unsold units at the Residences at the Falls, a condo conversion project at 13888 S.W. 90th Avenue in Miami. According to a notice of lis pendens filed against developer Lucky Chase II on October 16, the developer failed to pay off the nearly $28.9 million it owes on the mortgage balance, interest, and other charges when the loan came due August 9. Lucky Chase II acquired the Residences at the Falls in 2005.