The Lubavitch Education Center, the first rabbinical college, or yeshiva, in the southeastern U.S., could be sold in a foreclosure auction set for July, the South Florida Business Journal reported.
A Miami-Dade Circuit Court judge awarded Alabama-based Regions Bank a $15.1 million foreclosure judgment against Friends of Lubavitch of Florida and 17330 NW 7 LLC, the owners of the property, in addition to two other properties that provide Jewish education from pre-school to high school.
The judge ruled against counterclaims filed by Friends of Lubavitch, a non-profit affiliate of the orthodox Chabad-Lubavitch – a branch of Hasidism – movement, deciding it was past due on $7.8 million plus interest owed to Regions and setting its three properties for online auction on July 29.
Those include an 84,020-square-foot building on seven acres in Miami, a 30,750-square-foot education center in Miami Beach and a 3,363-square-foot apartment building, also in Miami Beach.
Several Jewish institutions in recent foreclosure lawsuits have been saved by donations or loan refinancing, the Journal said. [South Florida Business Journal] –Emily Schmall