The Real Deal Miami

Foreclosure real estate news in brief

October 30, 2009 05:13PM

The Sailfish Landing Shopping Center in Florida City has been hit with a $4.3 million foreclosure lawsuit. The 35202 S. Dixie Hwy. spot, on which construction was completed last year, is one of the last developed commercial properties along U.S. 1 before it reaches into the Florida Keys. Homestead-based Community Bank of Florida filed the suit against defendants Sailfish Landing Shopping Center and Brian DeWolfe, the developer’s managing partner.

Miami-based Ocean Bank is foreclosing on the Brentwood Apartments in North Miami. Ocean Bank sued the owners, 1660 Investment and President Julio Piloto, over the $3.4 million mortgage they obtained in 2006 on the 55-unit, 66,239-square-foot apartment complex at 1660 N.E. 150th St. The complex was built in 1971 and purchased by 1660 Investment in 1997 for $2 million.

The never-built Cypress Key Town Center, envisioned as a group of Caribbean-style residences and shops on 34 acres off Southern Boulevard in Royal Palm Beach, is going into foreclosure. Wachovia Bank filed a $13.4 million foreclosure lawsuit against the developers, Cypress Key Commercial Development and Cypress Key Residential Development, who had entered into a loan agreement on the project for $53.5 million in 2005. The Palm Beach County Property Appraiser lists the value of the vacant property at $9.8 million. TRD