The Real Deal Miami

Pines at Springdale complex in foreclosure

May 14, 2010 10:24AM

Bank of America, representing a commercial mortgage-backed securities
fund originated by Lehman Brothers, has brought a foreclosure action
concerning an $8.2 million mortgage on the Pines at Springdale
apartment complex in Palm Springs. Advenir@Pines, an affiliate of
Advenir, which is based in Aventura, was named as the defendant.
Advenir had purchased the Pines at Springdale for $10.1 million in
2004, and got a $8.2 million loan on the property. Data from analytics
firm Trepp shows the entire amount of the loan was outstanding and had
matured in December. [SFBJ]