The Real Deal Miami

Bank sells development site at 60 percent discount to its foreclosed mortgage

January 11, 2012 11:30AM

Floridian Community Bank has closed on the sale of a prospective Fort Lauderdale development site at a 60 percent discount to its foreclosed mortgage, according to the South Florida Business Journal, which reported that the set of 16 properties had been bought by Miami Beach-based Danica Properties. Danica, which is managed by John Gardiner, reportedly paid $1.4 million for the site. The property is comprised of six single-family homes, five multifamily buildings and five vacant sites at 521-549 N.E. Second Avenue, 420-515 N.E. First Avenue, and 115 N.E. Fourth Street, the Journal said. [SFBJ]