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South Florida

Coral Gables bank seeks to foreclose on 234 units

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Coral Gables-based Great Florida Bank filed a foreclosure lawsuit last
week against 234 units in three projects in Miami-Dade County. The
developers of the projects held mortgages originally valued at a total
of $33.9 million. Great Florida Bank had $96.3 million in non-current
loans in the third quarter of 2008. The three projects are South Miami
Holdings’ Cutler Gardens condo conversion, Kendall Lakes Holdings’
Kendall Lake Towers at the corner of S.W. 80 Street and S.W. 152 Avenue
and First C’s Perrine Industrial Park commercial condominium at S.W.
107 Avenue.