Wells Fargo plans to seize the commercial section of Renaissance Commons in Boynton Beach in South Florida’s biggest foreclosure case this year, the South Florida Business Journal reported.
The bank filed a foreclosure lawsuit over a mortgage originated by Wachovia Bank in 2004 and modified in 2008 at $56.6 million. Boynton Development Associates II has since sold three units for a total of $1.9 million. Total sales in the building at 1 Renaissance Way, near East Gateway Boulevard, then reached 18 units. One of the units was sold to the Greater Boynton Beach Chamber of Commerce.
The developer is named in the suit, along with managing members Anthony Comparato, Carl E. Klepper Jr. and Robert D’Angelo of Boca Raton-based Compson Associates, the publication said. [South Florida Business Journal] —Mark Maurer