The Real Deal Miami

Area properties hit by foreclosure

August 06, 2009 02:56PM

Foreclosure proceedings are progressing against 4424 North Bay Road in Miami Beach, a mansion that sold for $5.6 million to businessman Jason Zabaleta. The house sits two doors down from property owned by Calvin Klein. Plaintiffs allege a series of mortgage frauds were perpetrated on the property. Lender FirstBank Puerto Rico filed a foreclosure suit against a developer of the Stritter Estates residential project in Pinecrest. The bank sued BF Stritter Estates and managing member Jose R. Boschetti over payments on an $8 million mortgage modified in September 2008, for land covering 11 lots, each nine-tenths of an acre, zoned for single-family housing. The developer of Villa Lante, a 60-unit condominium in Miami, faces an $8.5 million lawsuit. Investor Vista Rio Partners filed the foreclosure action on July 22 against Villa Lante Properties and F&G Developers. The unfinished condo tower sits at 624 S.W. First Street. TRD