The Real Deal Miami

43 acres in Lake Worth in foreclosure

May 07, 2010 09:33AM

MUNB Loan Holdings, an affiliate of Bank of New York Mellon, has filed
a foreclosure action concerning a $7.3 million mortgage on a 43.1-acre
site west of Lake Worth. The undeveloped site, which is zoned for
residential use, is at 757- State Road 7. The property was purchased by
EMF Fund, the defendant in the action, in 2006 from Tousa Homes, which
is now in bankruptcy. The 2006 price was $15.5 million, and EMF
acquired a $15.5 million mortgage. The loan went through several hands
before being sold to MUNB. [SFBJ]