The Real Deal Miami

Shamrock of Sunrise complex auctioned off at steep discount

Pine Island Holdings acquires the site with $7.5M bid
May 22, 2014 03:45PM

4011 N. Pine Island Road

4011 N. Pine Island Road

Boca Raton-based Pine Island Holdings has won a foreclosure auction and is taking title to the the Shamrock of Sunrise Apartment complex at a 64 percent discount to its mortgage.

Pine Island Holdings paid $7.5 million for the apartment building.

The 117,162-square-foot project, which consists of four structures at 4011 N. Pine Island Road, was built in 2003 and houses 119 units. A foreclosure lawsuit, filed in 2010, followed due to a low occupancy rate.

Previously, U.S. Bank,  as a representative of a commercial mortgage-backed securities trust, won a foreclosure judgment against Shamrock of Sunrise and its managing member Carlos Z. Chuman over a $2.1 million mortgage. [Bizjournals] Claire Moses