The Real Deal Miami

Foreclosure news in brief

December 18, 2009 06:12PM

Bank files foreclosure suit against South Beach hotel
Mellon United National Bank has filed a foreclosure suit against the owner of the Fairwind Hotel & Suites. Ocean-Fairwind and Oceanside Resorts were sued over payments on a $24 million mortgage taken out in 2007 on the 83-room South Beach hotel at 1000 Collins Avenue, which Miami-based Ocean-Fairwind bought in 2004 for $8 million. In March, the owner began construction on the hotel to increase its height by five stories. [SFBJ]

Pembroke Pines Silver Lakes
campus faces foreclosure
A commercial mortgage-backed securities fund has sued the owners of the Silver Lakes Campus in Pembroke Pines over payments on a $7.1 million mortgage taken out when an investment group bought the office and retail building for $9.3 million in 2006. The campus, at 17720 Pines Boulevard, includes a Dunkin’ Donuts, a salon, physician offices and a dentist’s office. [SFBJ]

Bonita Grand Estates developer loses foreclosure suit

CIG International foreclosed on the incomplete Bonita Grand Estates project in southern Miami-Dade County, winning a $7.5 million suit against RL Homes II and principal Daniel Levine. Coral-Gables based Great Florida Bank filed the foreclosure in 2007, and whoever takes over the property must now work out a deal with the bank. [SFBJ]

Unfinished Millennium Bay Harbor loses $5 million suit

An undeveloped planned condo project was foreclosed on by U.S. Century Bank, which triumphed in a $3.4 million suit against Millennium Bay Harbor over its proposed building site in Bay Harbor Islands, near Miami Beach. The 11,250-square-foot lot is at 9301 East Bay Harbor Drive and is zoned multi-family. It will be sold at auction Jan. 26. [SFBJ]

Palm Beach office faces foreclosure

A Palm Beach office landlord is subject to a foreclosure lawsuit over a $78 million mortgage modification. The LSREF Summer REO Trust 2009 has started foreclosure proceedings against the owner of three office buildings at 218, 231 and 324 Royal Palm Way, which total 50,426 square feet. The loan was last modified in 2007. [SFBJ]