The Real Deal Miami

Related could pick up waterfront Hollywood property

Buys $15.5 million foreclosure judgment secured by former condo project site
May 27, 2014 12:45PM

Stephen Ross and Jorge Perez

Stephen Ross and Jorge Perez

A company tied to the Miami-based Related Group and New York-based Related Cos. is on the verge of acquiring more developable land in Hollywood.

PRH 4000 South Ocean, which was formed by the Jorge Perez and Stephen Ross-led companies, purchased a $15.5 million foreclosure judgment secured by a waterfront parcel at 4000 South Ocean Drive. It acquired the judgment from PNC Bank, which initiated foreclosure proceedings against Chicago-based MCZ/Centrum. The 2.4-acre property was originally planned for condo development but is now being used as a hotel parking lot.

A foreclosure auction of the property was scheduled last year before getting postponed, according to the South Florida Business Journal. The Related company can bid up to the judgment amount when the auction finally occurs. [South Florida Business Journal] Eric Kalis