The Real Deal Miami

Property owner avoids foreclosure by selling to himself

Ruderman sold the property to his own company for $5.5M
June 02, 2014 03:00PM

7755 West 4th Avenue

7755 West 4th Avenue

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