The Real Deal Miami

$37.5M foreclosure biggest of the year: report

The Centre on 441 tops list; two hotel properties, land and office property round out top five
Foreclosure sign

$37.5 million foreclosure biggest of the year.

A $37.5 million action on retail property The Centre on 441 topped the list of South Florida foreclosures in 2014, according to a published report.

The foreclosure was brought by Minnesota-based U.S. Bank (CMBS), representing a securitized commercial mortgage.

The second- and third-largest foreclosures were against hotel properties, according to a list compiled by the South Florida Business Journal. NCG Banco S.A. brought a $27.8 million action against ES2010 LLC and KK-PB Financial foreclosed on 160 Royal Palm LLC to recover $27.5 million of debt. Fourth was a $25.5 million foreclosure by Coco Palm 82 LLC (Lennar Corp.) against land held by MD Holdings II LLC. The Professional Centre at Gardens Mall, an office property, was the subject of a $17.25 million action by WBCMT 2006-C29 Kew Office. [South Florida Business Journal] — William J. Gorta

  • Leyla Miln

    This can be a sign of difficult financial situation in the country, when such great companies need to foreclosure and find any appropriate source of income. Moreover many people have been reduced and the situation in the labor market does not improve. The other problem is about long-term obligations such as student loans and mortgages. People have no opportunity to cover their debts and in result they need to fail on payments and lose their property. Someone tries to deal with Installment Credits to get quick extra money, but this helps only for short period. So we should think about the total situation of finance I the country and find some global changes.