Distressed Miami banquet hall sells

The Rose Banquet Hall building in West Miami has been sold for $1.1 million — 56 percent less than the value of its mortgage — one month prior to a scheduled foreclosure auction. Owner West Miami Properties had defaulted on its $2.5 million mortgage from First Bank Puerto Rico on the building at 5782 SW Eighth Street, which contains 6,943 square feet of commercial and 4,059 square feet of retail space. An auction had been scheduled for Nov. 2, but Sweet River West Miami picked up the property in late September, after which the bank said the mortgage had been satisfied. [SFBJ]