The Real Deal Miami

Hallandale Yacht Club in line for foreclosure

November 14, 2008 03:44PM

Miami-based Ocean Bank filed a notice of foreclosure
November 12 against Hallandale Beach’s Yacht Club condominium. The notice
applies to 33 unsold units in the project, which is at 301 Golden Isles Drive.
The developer, BHG the Yacht Club, bought the site in 2005 for $15 million and
had an $18.9 million mortgage with the balance due in March of this year. The
developer sold 35 deeds for the condo project, according to court
records.