The Real Deal Miami

K. Hovnanian Homes buys stalled 35-acre dev for $11M

November 06, 2013 03:00PM


Ara K. Hovnanian

New Jersey-based developer K. Hovnanian Homes bought a stalled 35-acre development site in Royal Palm Beach for $11 million, a 15 percent discount to the foreclosed mortgage.

Redus Florida Land, an affiliate of Wells Fargo Bank, sold the site at 11925 Southern Boulevard, after foreclosing on the $13 million mortgage held by Cypress Key Commercial Development Company. The bank seized it in 2011. There are 147 residential units and 125,000 square feet of commercial use, the South Florida Business Journal reported.

Fort Lauderdale-based Realty Masters agents Don Ginsburg, Mike Christopher and John Csapo were in charge of marketing the property for the bank. [South Florida Business Journal]Mark Maurer