The Real Deal Miami

Shore Club hit with another foreclosure suit

December 03, 2010 04:42PM

South Beach’s Shore Club hotel is in foreclosure again, a month after it narrowly avoided being taken over by special servicer LNR Properties, because a federal judge said that the lawsuit didn’t belong in U.S. District Court. At the time, LNR and the CMBS fund behind the owner Philips South Beach’s loan, had vowed to “vigorously pursue the foreclosure of the Shore Club.” They’ve kept their promise, and on Nov. 29, filed another foreclosure action in Miami-Dade County Circuit Court. The 1901 Collins Avenue icon, appraised most recently at $86 million, hasn’t made a payment on its $109 million loan since last year, according to Trepp. [SFBJ]