The Real Deal Miami

Homestead residential site sells for $6.5M

Deal represents a 55 percent discount on property's $14.2M mortgage
May 09, 2014 04:30PM


Southeast 18th Avenue at Southeast 3rd Drive

A stalled townhome project in Homestead sold at a 55 percent discount. Banco Popular North America, also known as Popular Community Bank, unloaded the property for $6.4 million.

Banco Popular seized the Santa Barbara Townhomes’ — 163 vacant lots — back in 2012 after foreclosing on a $14.2 milion mortgage, according to the South Florida Business Journal. But the bank recently sold the property for just $6.4 million to Miami-based SB Homestead, led by Mario Lamar.

The property is located on the west side of Southeast 18th Avenue at Southeast 3rd Drive. [SFBJ]Christopher Cameron