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South Florida

Mercantil Commercebank sells Plantation townhome project for $3 million discount

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Coral Gables-based Mercantil Commercebank has sold a partially-constructed three-story town home project for $700,000 to Miami-based IB Village on the 5th — an 81 percent discount on the property’s $3.7 million mortgage. The 1.1-acre development, which is located at 7736 NW Fifth Street, was seized in 2011. This is just the latest property the bank has sold at a loss. It recently unloaded 83.9 acres near Florida City for $13.9 million less than the value of the original loan, and just sold Hurricane Cove for $6.4 million off its mortgage value.

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BanksForeclosures