The Real Deal Miami

Lennar files foreclosure against Homestead landowner

Homebuilder could end up with more than 76 acres ripe for development
March 17, 2014 11:15AM

simi_valley_foreclosures-signMiami homebuilder Lennar is positioning itself as a lender with hopes of picking up more than 76 acres of agricultural land in Homestead.

A Lennar affiliate filed a foreclosure action against the owner of the farmland last Wednesday, South Florida Business Journal reported. The affiliate, Coco Palm 82, previously acquired a $25.6 million mortgage secured by the land from U.S. Century Bank. MD Holdings II owns the 11760 Southwest 248th Street site.

MD had obtained approval for a development with 581 market-rate residential units and 83 workforce housing units but was unable to get construction started. The company is managed by Michael Latterner, a longtime property owner and developer in Homestead. [South Florida Business Journal]Eric Kalis