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South Florida

Hollywood marina near foreclosure

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Lender Gulf Coast Bank & Trust Co., a New Orleans bank, has filed a
foreclosure suit against the Wilshire Marina in Hollywood over a $22.7
million mortgage on the property. Wilshire Marina LLC and managing
members R. Jeffrey Arnold, Paul D’Agnese and Taraneah Sirang in 2006
paid $18 million for the Broward County marina, located at 2308 N.
Ocean Drive. They demolished the site’s major building, a restaurant,
and repaired a pier damaged by Hurricane Wilma. However, business at
the 22-slip marina has fallen off, and Gulf Bank & Trust, which bought
the mortgage loan from Alpharetta Ga.-based Integrity Bank, filed the
suit last month in Broward County Circuit Court.
[SFBJ]