The Real Deal Miami

Bank takes big loss on 1515 Tower site

January 04, 2012 09:45AM

Pennsylvania-based First Commonwealth Bank took a $30.5 million loss on the foreclosure sale of the troubled site of the 1515 Tower condominium project, according to the South Florida Business Journal. The buyer was Terrace Mountain Investors III, based in Texas and managed by Frank Trabold. The site, which is located at 1515 South Flagler Drive, was purchased in 2005 and ultimately demolished in 2010. [SFBJ]