Miami’s City Inn targeted for foreclosure

Ocean Bank has filed a foreclosure lawsuit against the owners of the 12-story City Inn hotel in Miami, the South Florida Business Journal reported. The property, which is located at 7927 NW Seventh Avenue, is well known to drivers on I-95 for the large billboards that adorn the 200-room property and provide the vast majority of its income. The lawsuit names Malibu Lodging Investments, 5th Court Properties and four members of the Burstyn family as defendants in the action, which involves a mortgage that was just under $3 million in 2005. [SFBJ]