The Real Deal Miami

Regions Bank files foreclosure suit

January 16, 2009 03:56PM

Regions Bank has filed a foreclosure suit against Coral Gables-based Cornerstone Group, targeting about 46 undeveloped acres in Miami Gardens. The foreclosure notice was filed January 6. The bank is trying to foreclose on two sites zoned for commercial use on the east side of Northwest 27th Avenue, between Miami Gardens Drive and Northwest 191st Street. Regions Bank wrote a $10.4 million mortgage on the property in 2006 and upped the loan to $10.85 million in June.