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