search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aBillionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida move“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law
South Florida

Kendall Hotel hit with foreclosure

Sign Up for the undefined Newsletter

After its plan to emerge from bankruptcy failed, the Kendall Hotel and Suites in Miami has been targeted for foreclosure. According to Miami-Dade County Circuit Court records, Los Angeles-based Florida Associates Capital Enterprises filed a $6.3 million foreclosure lawsuit Dec. 28 against Sundale Ltd. and Kendall Hotel and Suites, a four-story, 158-room building at 9100 N. Kendall Drive. Sundale filed for Chapter 11 reorganization in late 2007 and eventually struck a deal with creditors to emerge from bankruptcy. Miami attorney James Cunningham said that Sundale then defaulted on the terms of its $6.3 million mortgage with his client, Florida Associates Capital. It either wants to get repaid or take over the property, but its mortgage is subordinate to a first mortgage from Miami-based Ocean Bank. Cunningham said Florida Associates Capital has the option of paying off Ocean Bank or refinancing the property. Meanwhile, the hotel is still open. [SFBJ, 1st item]