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New owner borrows $11M to finish Pembroke Park self-storage project started by felon
A company run by Todd A. Ruderman of Fort Lauderdale paid $5.5 million for the unfinished development and got a construction loan from North Trust Co.
A real estate development company got an $11 million loan to finish a self-storage construction project in Pembroke Park that prosecutors had seized this year in a federal fraud case.
A company called Value Store It Pembroke Park, managed by Todd A. Ruderman of Fort Lauderdale, paid $5.5 million for the unfinished self-storage facility at 2801 John P. Lyons Lane in Pembroke Park.
North Trust Co. loaned the new owner $11 million to finish construction of the 112,275-square-foot development.
Federal prosecutors seized the self-storage development in connection with the indictment of self-storage developer Daniel Joseph Touizer, founder and CEO of a Fort Lauderdale-based firm called Wheat Capital Management.
Prosecutors charged that Touizer and his co-defendants defrauded more than 150 investors of approximately $19 million.
Touizer pleaded guilty to a charge of conspiring to commit mail fraud and wire fraud. He was sentenced July 25 to a 68-month prison term.
In February, prosecutors filed liens to seize five South Florida properties following the indictment of Touizer.
The five properties included the unfinished self-storage development in Pembroke Park, two other self-storage development sites in Miami and Margate, and residences in Aventura and Boynton Beach. [South Florida Business Journal] – Mike Seemuth