Tibor Hollo firm sues Florida Grand Opera over loan

Miami /
Nov.November 01, 2015 12:00 PM

A company headed by developer Tibor Hollo  filed a foreclosure lawsuit against the Florida Grand Opera after it defaulted on a mortgage loan secured by its headquarters in Doral.

Susan T. Danis, chief executive officer of the Florida Grand Opera, said the headquarters building is under contract to be sold and the proceeds would be sufficient to pay off the loan. She also said the opera company might relocate after selling its Doral headquarters.

The opera company paid $6.8 million in 2007 for its 35,779-square-foot headquarters on a 1.7-acre lot at 8390 Northwest 25 Street.

The plaintiff in the foreclosure suit is Financial Markets LLC, whose managers include Hollo, chairman and president of Florida East Coast Realty, LLC; Florida East Coast executives Jerome Hollo and Wayne Hollo; and Leonard Katz, the firm’s controller and financial officer.

The foreclosure suit filed by Financial Markets claims the outstanding balance on the defaulted balance on the mortgage loan to the Florida Grand Opera includes $2 million in principal and $58,300 in interest.

“We’ve fallen behind on our payments,” Danis told the South Florida Business Journal. “It’s tough in the summer months. Cash flow isn’t good.”

Founded in 1941, the Florida Grand Opera has produced opera performances for 75 years in a row. The opera company has scheduled performances during the 2015-2016 season at the Broward Center for the Performing Arts and the Adrienne Arsht Center for the Performing Arts. [South Florida Business Journal] — Mike Seemuth


Related Articles

arrow_forward_ios
Stephen Schwarzman with the site (Getty, Google Maps)

Blackstone pays $21M for Doral industrial dev site

Blackstone pays $21M for Doral industrial dev site
Axonic's Clayton DeGiacinto and Jonathan Shechtman with 10000 Northwest 45th Terrace, Doral (Google Maps)

Axonic Properties pays $37M for bulk purchase of Doral condos

Axonic Properties pays $37M for bulk purchase of Doral condos
Ari Pearl, Jonathan Leifer and 9540 West Bay Harbor Drive. (Wyndam Hotels, PPG Development, L3C Capital Partners)

Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure

Ari Pearl, Jonathan Leifer acquire Bay Harbor Islands hotel out of foreclosure
Costco CEO Craig Jelinek and 8300 Park Boulevard, Miami (Costco, Google Maps, iStock)

Costco sells site near Doral to Trammell Crow for $19M

Costco sells site near Doral to Trammell Crow for $19M
Mario Oliva of Banesco USA & 3155 Northwest 77th Avenue, Doral (Banesco, Google Maps)

Banesco USA pays $12M for new HQ in Doral

Banesco USA pays $12M for new HQ in Doral
Masoud Shojaee with rendering of Sanctuary at Doral and pictured with daughter Lilibet Shojaee (Shoma Group)

Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records

Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records
Lexington Realty Trust's Wilson Eglin and 5600 Broken Sound Boulevard, Boca Raton (Google Maps)

HSBC to take over Boca Raton office building following foreclosure auction

HSBC to take over Boca Raton office building following foreclosure auction
Victor Ballestas and 6060 Indian Creek Drive, Miami Beach (Credit: Google Maps)

Embattled Sixty Sixty condo-hotel’s units in Miami Beach sell for $15M

Embattled Sixty Sixty condo-hotel’s units in Miami Beach sell for $15M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...