The Real Deal Miami

Miami Gardens church avoids foreclosure

June 23, 2011 03:49PM

The Fountain of New Life Ministries church in Miami Gardens has avoided foreclosure thanks to a loan from Regions Bank, the South Florida Business Journal reported. Branch Banking & Trust filed to foreclosure on the 31,557-square-foot building at 4601 N.W. 167th Street based on a $1.4 million mortgage loan from Colonial Bank which failed in 2009. When the church opened in Miami Gardens, it assumed the loan, signed a forbearance agreement with BB&T and made every loan payment, but BB&T refused to extend the loan at maturity, the pastor said.

“Every effort with them was very arduous,” said the church pastor of his church’s dealings with BB&T. “It seemed, at times, almost mercenary with how they approached it.”

Fountain of New Life has now closed on a $1.5 million mortgage with Regions Bank. [SFBJ]