Pines at Springdale complex in foreclosure

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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]

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