The Real Deal Miami

Lender reclaims Filling Station Lofts

January 25, 2012 04:30PM

A rendering of the Filling Station Lofts

After a 30-month foreclosure suit, the construction lender on the Filling Station Lofts will finally regain control of the unfinished downtown Miami condominium development, according to Condo Vultures data cited by GlobeSt.com.

No serious bidder emerged during the auction — the lone bidder stopped when the price hit $3,300, according to Condo Vultures — for the 77-unit property at 1650 NE Miami Court and so PAC Capital will likely take title to it in the next few weeks. PAC was owed $41.1 million by the project’s developer, Filling Station Lofts LLC, including $26.9 million in principal and the balance in interest.

The building has been topped off and could hit the market shortly. The uncertainty is whether that’s done by PAC Capital or whether they choose to sell it to another developer. GlobeSt.com said the building is not guaranteed to be a success considering its less-than-desirable location. [GlobeSt]