The Real Deal Miami

Ocean Bank seeks industrial foreclosure

December 04, 2008 10:39AM

Ocean Bank of Miami is foreclosing on Selva LLC of Miami and manager
Selfa Perez. It targeted a 1.9-acre, industrial-zoned parcel at 8450
NW 93rd Street in Medley — an area heavy with warehouses. Selva bought
the property for $850,000 in 2004, and planned to build a
warehouse/office condo project, according to county court records.
Ocean Bank boosted the mortgage to $2.86 million in April to help
finance construction. Ocean Bank has the highest noncurrent loan ratio
of any regional bank, with 21 percent of loans getting either late
payments or approaching default.