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The Real Deal Miami

Lenders to repossess Treasures on the Bay

February 08, 2011 04:40PM

A consortium of lenders is set to repossess close to 380,000 square feet of rental and condominium apartments in North Bay Village’s Treasures on the Bay as part of a $97.3 million foreclosure action, according to a new report from Condo Vultures. The 329 units include 169 converted condos and 160 rentals, and in addition, the lenders will take title to two undeveloped lots. The consortium, which is managed by the Calif.-based Owens Financial Group, bid $500,001 for the property during a Feb. 2 auction. TRD