An industrial building in Hialeah has been saved from foreclosure after the owner sold the property for $5.5 million — to himself.
Miami attorney Geoffery Aaronson told the South Florida Business Journal that the buyer is the same ownership group as the seller.
Fort Lauderdale-based BBX Capital Corp previously won an $8.2 million foreclosure judgment against TDM Red Road, along with its managing member, Todd Ruderman. The foreclosure targeted a 26,451-square-foot warehouse on 7.6 acres at 7755 West Fourth Avenue.
Ruderman filed for bankruptcy to avoid foreclosure. Bankruptcy Judge Robert Mark then approved the $5.5 million sale to 7755 Red Road LLC, which is also led by Ruderman. The proceeds from the sale will be used to repay the $4.2 million in principal on BBX’s loan. The buyer also took out a loan $1.1 million loan to pay owed interest to BBX. [SFBJ] – Christopher Cameron