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South Florida

Retirement hideaway in Hallandale Beach could foreclose

2091 South Ocean Drive, Hallandale Beach
2091 South Ocean Drive, Hallandale Beach

A bank has filed a foreclosure lawsuit against the owner and managing member of an assisted living facility in Hallandale Beach.

Norman Schwab, who manages the Sea Side Retirement Resort owned by Seaside Realty at 2091 South Ocean Drive, has been named in the suit.

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Seaside Realty bought the nearly 59,000-square-foot, 66-unit development for $6 million in 2007. The mortgage for the property was last modified in 2010 at $5 million. It is set to mature by April 2015.

Stuart Gold from Miami will represent the plaintiff, Sunrise-based TransCapital Bank,  South Florida Business Journal reported.

The facility features a pool, salon, shuffleboard court, game room, library, movie theater and dining room. It is also staffed with medical professionals. [South Florida Business Journal] — Angela Hunt

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Beachfront RealtyForeclosuresRetirement