The Real Deal Miami

Bank takes small discount on sale of Golden Beach site

September 01, 2011 01:13PM

Miami-based U.S. Century Bank has disposed of a 1.6-acre oceanfront site in Golden Beach at only a 6 percent discount to its foreclosed mortgage, the South Florida Business Journal reported. The lender took possession of the residential site earlier this year based on a $13.3 million mortgage to Meruelo Pomona LLC and Belinda Meruelo. U.S. Century Bank has become one of Florida’s fastest-growing community banks with more than $1.7 billion in total assets and almost $148 million in equity capital. [SFBJ]