The Real Deal Miami

TotalBank seeks foreclosure against multiple projects

January 12, 2009 01:51PM

Miami-based TotalBank has filed foreclosure suits against several area projects in the past month. On December 17, the bank filed foreclosure lawsuits against South Redlands Homes and Sunshine Family Homes, two Miami-based companies with the same president, Gilberto Cerda Sr. South Redlands Homes is developing Redland Reef, a 72-unit project near Southwest 296th Street and Southwest 187th Avenue. Sunshine Family Homes owns a 33-acre site at Southwest 296th Street and Southwest 192nd Avenue.TotalBank gave South Redlands a $6.2 million mortgage in 2005 and raised it to $15 million in 2007. The bank also filed a foreclosure lawsuit against Boca Raton-based Flamingo Village Corp on January 6. The developer was slated to build a townhome and villa project at 1300
S. Flamingo Road in Davie. Flamingo Village received an $11.8 million mortgage in 2006. TRD