The Real Deal Miami

Bank wants to foreclose on Palmetto Bay

January 19, 2009 04:21PM

Premier American Bank has filed a foreclosure suit against Victoria Bay Estate’s Palmetto Bay development in Miami-Dade County. The developer has not sold any homes in the development since Premier American Bank modified the mortgage to $3.1 million in June. Victoria Bay sold three of the development’s homes for close to $1.8 million.