The Real Deal Miami

Borrowers buy back troubled Sebring loan

March 24, 2011 03:59PM

BankAtlantic Bancorp has sold a soured, $7.7 million development loan on a project in Sebring as well as properties in Miami Beach and Coral Springs back to the original borrowers. The loan, originally taken out by Eagle Lake Estates in 2007, was purchased back by Sebring 365 LLC March 15, which is controlled by the guarantors of the Eagle Lake loan. It is secured by the land in Sebring, a condo unit at Space in Miami Beach owned by one of the guarantors and an office space at 12500 W. Atlantic Bouelvard in Coral Springs. [SFBJ]