The Real Deal Miami

Buyer for Lauder Ridge apartments in North Lauderdale

June 29, 2010 11:15AM

The loan was originated by Brooklyn-based Sovereign Bank

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]