British Virgins Islands-based co. buys foreclosed North Bay Village site

The LLC took title for $6.2 million in debt forgiveness, by satisfying a $1.4 million loan
June 24, 2013 11:00AM

North Bay Village

A developer based in the British Virgin Islands has taken a site in the island enclave of North Bay Village out of foreclosure, the South Florida Business Journal reported.

The 1.4-acre site’s development history started in 2006, when 1755 Aqua Vista acquired it for $11.25 million. Two years later, the vacant property was seized in a foreclosure lawsuit by North Bay Village Investment Trust, according to the Journal.

In August 2012, Miami-based London Financial Co. filed a foreclosure lawsuit on Aug. 2 against North Bay Village Investment Trust and Weston-based Florida Community Bank. London Financial held a $1.4 million first mortgage on the property while the bank had a $7 million second mortgage that was originated by the failed Peninsula Bank.

Most recently, Florida Community Bank sold the mortgage to 1755 NBV LLC, whose manager is listed as Miguel Angel Barbagallo in the British Virgin Islands. The LLC took title to the site for $6.2 million in debt forgiveness and by satisfying the London Financial loan.

Avenel Investments, also based in the British Virgin Islands, provided 1755 NBV with a $2 million mortgage. [South Florida Business Journal]Emily Schmall