The Real Deal Miami

Ocean Bank files for foreclosure against two Miami developers

January 23, 2009 04:24PM

Ocean Bank has filed foreclosure lawsuits against two Miami-based developers who own a Hialeah condominium conversion and some vacant agricultural land near Florida City. On January 13, Ocean Bank filed a foreclosure notice against the 4400 LLC over the 127 unsold units at the Casa Bella Condo at 4400 W. 16th Avenue in Hialeah. The development received a $23.2 million mortgage in 2006. On January 15, Ocean Bank also filed a foreclosure suit against Palm & Tower II, III, IV and V Investors over 83.9 acres north of Palm Drive near Florida City. The development received $16.8 million spread over several mortgages in 2006.