The Real Deal Miami

Kendall condo conversion units to be sold in bulk at bankruptcy auction

January 06, 2010 05:02PM

The trustee overseeing Residences at the Falls, a foreclosed condo conversion project at 13888 S.W. 90th Avenue in Kendall, has filed a motion to put the remaining 333 units up for sale in bulk at a bankruptcy auction in February. The 628-unit property was acquired in 2005 by Lucky Chase II, part of Pittsburgh-based Deaktor Development, and was hit with a $28.9 million foreclosure suit in 2008 over the unsold units. The lender, AmTrust Bank, was shuttered by the Federal Deposit Insurance Corp. last month. Lucky Chase filed for Chapter 11 reorganization last April. A hearing on the motion is scheduled for Friday. Bidders at the auction would be asked for a $1 million escrow deposit, the motion said, and the winner would be confirmed at a bankruptcy court hearing the next day. [SFBJ]