Commercial foreclosure suits dog South Florida’s real estate recovery
A spate of commercial foreclosure filings show bumps in the road to South Florida’s real estate recovery, South Florida Business Journal reported.
Nine new cases were brought to courts in recent weeks, with lenders seeking the foreclosures of a medical office, a mobile home park, unused office space, airport warehouses and a vacated bank, among others, the Journal said.
Doral, Fla.-based U.S. Century Bank, among South Florida lenders who recently filed suit, is looking to seize warehouses and offices that it financed in Miami-Dade County’s Tamiami area, the Journal said.
The bank is undercapitalized, and plans to sell off all of its non-performing loans to boost its coffers, the newspaper said.
Miami-based Ocean Bank filed a foreclosure suit last week against 2100 Ponce LLC, which controls an office condo conversion project in Coral Gables.
A four-year-old lawsuit over Miami Beach’s iconic Shore Club hotel culminated in a $164.1 million foreclosure judgment, as The Real Deal reported. The 322-room hotel is set for online auction June 25. [South Florida Business Journal] –Emily Schmall