The owner of the EuroSuites Residences and Resort near the Miami International Mall faces foreclosure.
Spanish bank NCG Banco S.A. filed a foreclosure action against property owner ES2010 LLC in Miami-Dade Circuit Court last week. The lender could end up with 258 unsold condo hotel units at the 1750 Northwest 107th Avenue site. EuroSuites has a total of 368 hotel rooms.
ES2010 acquired most of the resort’s units for more than $30 million in 2010, according to the South Florida Business Journal. It received 100 percent financing from Caixa de Ahorros de Galicia, which eventually had to get bailed out by Spanish authorities.
The borrower owes NCG Banco nearly $28 million in principal, $8 million of interest and $673,000 in property taxes, according to Miami attorney Jose Casal, who represents the lender. [South Florida Business Journal] — Eric Kalis