The Real Deal Miami

South Florida foreclosures continue

August 07, 2009 02:52PM

The Clear Lake Palms condominium in West Palm Beach faces a foreclosure suit from First Bank Puerto Rico. The 312-unit project obtained a $33.4 million mortgage from First Bank in 2005, and that loan was modified to $13.9 million in 2007, with the maturity date set in October 2008. Banco Popular North America is foreclosing on the developer of the Melrose Place Condominium in Fort Lauderdale. The suit names Plantation-based M.R.S.G. and managing members Marc A. Ramer and Sergio Garnica, the executives behind the four-building, 24-unit condo at 3173 Auburn Boulevard. Banco Popular’s attorney said the developer owes about $2.5 million on its loan. [SFBJ] and [SFBJ]