The Real Deal Miami

Lender wins South of Fifth auction

January 20, 2011 10:54AM

Delaware-based SFI BR Villa Luisa, the lender on the South of Fifth
condo project in Miami Beach, was the highest bidder in a courthouse
auction on the property, according to a report from Condo Vultures. The
winning bid was for $1,100 plus $81.55 in interest, because SFI took
title to the project from iStar earlier this month when it obtained an
assignment of the foreclosure judgment and sale rights for an
undisclosed price. The small bid price typically occurs when the bank or
lender’s minimum bid has not been reached, giving the property back to
the lender. The remaining 29 units were auctioned Jan. 18. TRD