The Real Deal Miami

Merrill-Stevens settles on loan

October 21, 2010 11:15AM

The Merrill-Stevens boatyard

The owners of the Merrill-Stevens Dry Dock Company, one of the oldest
continuously operating businesses in Miami, have settled with lender
Coconut Grove bank on a modification of the mortgage on the boatyard.
The bank filed a foreclosure suit in late June against the company
concerning a $15 million mortgage on the 5.6-acre property. In a Sept.
30 agreement, the outstanding $12.4 million on the loan was split into a
$3.6 million “renewal loan” and the $8.8 million original note. [SFBJ]