The Real Deal Miami

Precious Homes project goes to foreclosure

December 05, 2008 09:43AM

Bank of America last week filed a notice of foreclosure on a 17.1-acre
site in southern Miami-Dade County that was planned as a residential
community by Miami-based builder Precious Homes. The bank filed against
development entity Lakes Kingdom II, associated development entities
and Precious Homes CEO Victor F. Seijas Jr. When the Bank of America
mortgage with Lakes Kingdom II was last amended in July 2007, it had a
$27.5 million balance that could grow to $50 million through future
advances.