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Fannie Mae takes $11 million loss in Belle Glade

July 05, 2012 10:30AM

Government-sponsored enterprise Fannie Mae has taken an $11.3 million loss on the sale of a 384-unit Palm Beach County apartment complex, the South Florida Business Journal reported. The property, which is located at 1001 Palm Glade Drive in Belle Glade, was taken back by Fannie Mae in a foreclosure action in early 2012. It sold for just $3.95 million to New York-based Greystone Belle Glade. [SFBJ]