The Real Deal Miami

Affordable housing project faces foreclosure suit

The lawsuit regards an outstanding $6.5 million loan for Delray development
October 16, 2014 05:15PM

A building in the housing complex

A building in the housing complex

An affordable housing project in Delray Beach that received public loans is facing foreclosure.

Iberiabank filed a foreclosure lawsuit against Auburn Trace Ltd. and managing member Brian Hinners regarding a $9.4 million last modified in 2006, according to the South Florida Business Journal.

That outstanding loan was reduced to $6.5 million when Auburn Trace sold a property — 157 affordable housing units on 17.5 acres at 1000 Auburn Circle North and a 7,654-square-foot private school building at 675 Auburn Avenue.

The complaint also names the City of Delray Beach regarding a $768,000 loan and the U.S. Small Business Administration over a $400,700 loan. [South Florida Business Journal] – Christopher Cameron