The Real Deal Miami

Foreclosure real estate news in brief

October 26, 2009 02:22PM

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.