The Real Deal Miami

West Palm Beach ruins in $26M foreclosure

August 25, 2010 10:30AM

The entire $36 million loan is allegedly in default

The remains of a demolished condo tower called the Modern are the subject of a
foreclosure action filed by First Commonwealth Bank against New
York-based Trinity 1515 and managing member Edmund Abramson. The suit
concerns the 2.4-acre site along the Intracoastal, where the 24-story
condo tower was intended to be built. After hurricanes
made the former 1515 Tower on the site uninhabitable, Abramson bought
the units and imploded it in February. Now, the full $36 million loan on
the property is outstanding, the bank says. [SFBJ]