The Real Deal Miami

GREC Conversions projects in foreclosure

May 16, 2010 05:23PM

Abel Homes at Keys Winds in Florida City and Maitland’s Carrington Park
are the subjects of a foreclosure suit filed by FirstBank Puerto Rico
against Coral-Gables based GREC Conversions, which bought both
properties intending to convert them into condos. The company purchased
Abel Homes at Keys Winds five years ago for $10.5 million, and acquired
a $29.5 million mortgage for Abel Homes and Carrington Park. According
to Miami-Dade Circuit Court records, the mortgage was modified in Feb.
2009, with $12.7 million outstanding. There are 85 unsold units in Abel
Homes, which is at 416 Banyon Tree Circle in Maitland, and 44 unsold
units remaining in Carrington Park, which is located at 989 SW Sixth
Place, one of the southernmost developed sites in the county. [SFBJ]