Foreclosure real estate news in brief

Miami /
Oct.October 26, 2009 02:22 PM

Wachovia Bank has filed a foreclosure lawsuit against the owners of the 160-unit Palm Club Apartments complex near Palm Beach Community College in Lake Worth. Palm Club Apartments LLC purchased the complex, along with an adjoining 2.6-acre site, for $9.5 million in 2004. The company obtained an $8.7 million mortgage from Wachovia at the time, as well as an additional $3.5 million from the bank one year later.

TotalBank is foreclosing on the condo converter of the 108-unit Miller Lake Condominiums at 5400 SW 77th Court, west of Coral Gables. Miller Lakes Group bought the building for $12.7 million in 2007, and received a $12.2 million mortgage for the property, and is now facing a $7.1 million lawsuit in Miami-Dade County Circuit court.

Regions Bank has won a $3.8 million foreclosure judgment against the owner of a vacant, 6.9-acre site intended to be a Mercedes dealership in unincorporated Palm Beach County. Gun Club LLC and Nick Rahal bought the parcel, along Gun Club Road. It’s set for sale at auction Nov. 9.

Lender JPMorgan Chase is suing the owners of the Manor apartments in Wilton Manors at 2412 and 2500 NW Ninth Avenue in a $3 million foreclosure suit. The bank has filed a motion for a receiver to take over management of the property, which was purchased in 2002 by Manor North and South Apartments LLC for $2.2 million.


Related Articles

arrow_forward_ios
Renderings of the Mainstreet at Boynton Beach mixed-use project with Pebb Enterprises’ President and CEO Ian Weiner (Pebb Enterprises)
Pebb, Banyan sell outparcel at Sprouts-anchored Boynton Beach project
Pebb, Banyan sell outparcel at Sprouts-anchored Boynton Beach project
Thomas Walter, president, Applied Hospitality in front of the Del Mar Estates at 611 Northeast 29th Drive in Wilton Manors (Applied Hospitality, LoopNet)
Boston-based boutique hotelier buys Wilton Manors apartment building for $8M
Boston-based boutique hotelier buys Wilton Manors apartment building for $8M
220 Alhambra Circle in Coral Gables, FL. and Fortress Investment Group’s Wesley Edens and Pete Briger Jr. (Google Maps, Getty, Long Arc)
Fortress buys Amerant’s Coral Gables HQ building for $135M in sale-leaseback deal
Fortress buys Amerant’s Coral Gables HQ building for $135M in sale-leaseback deal
2625 - 2674 North Andrews Avenue, Wilton Manors (Franklin Street, iStock)
Wilton Manors mixed-use multifamily complex sells for $11M
Wilton Manors mixed-use multifamily complex sells for $11M
601-607 Northeast 29th Drive and 999 Northeast 23rd Drive (Google Maps)
Investors pay $13M for multifamily portfolio in Fort Lauderdale, Wilton Manors
Investors pay $13M for multifamily portfolio in Fort Lauderdale, Wilton Manors
4238-4276 Northwest 7th Street in Miami, Avison Young’s Michael Fay, John Crotty, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth
Mixed-use Le Jeune Road dev site heads to market for $17M
Mixed-use Le Jeune Road dev site heads to market for $17M
Vlad Doronin, Len Blavatnik, and 3425 Collins Avenue (Credit: Google Maps, Gesi Schilling, and Mark Neyman / GPO)
Developer of Aman-branded towers in Miami Beach scores $35M loan
Developer of Aman-branded towers in Miami Beach scores $35M loan
Rendering of 57 Ocean and Marcelo Kingston (Credit: DBOX)
57 Ocean in Miami Beach scores $59M construction loan
57 Ocean in Miami Beach scores $59M construction loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...