The Real Deal Miami

Sunny Isles condo hit with foreclosure

July 16, 2009 04:29PM

Bankfirst of Sioux Falls, S.D., lender to developers of a 1.1-acre site for a planned 43-story condominium tower, has filed a $12 million foreclosure notice in Miami-Dade Circuit Court. Real estate consultancy CondoVultures said the developer borrowed the money in 2006, at $235 a square foot. Nearby, south on Collins Avenue, another oceanfront development site will be put up for auction within 60 days, the group reported.