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