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South Florida

Buyer for Lauder Ridge apartments in North Lauderdale

The loan was originated by Brooklyn-based Sovereign Bank

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The defaulted note on the 152-unit Lauder Ridge Apartments in North
Lauderdale have been sold to a Plantation-based company. The
130,102-square-foot complex, which was built in 1975, was purchased
three years ago for $13.9 million by Lauder Ridge Apartments LLC. The
owner of the four buildings at the complex obtained a $10.7 million
mortgage from Brooklyn-based Sovereign Bank at the same time. The
foreclosure action against the property was filed May 10. [SFBJ]