Apartments near Miami airport in foreclosure
A 40-unit apartment complex on the north side of Miami International Airport Miami International Airport Latest from The Business Journals Follow this company is targeted for foreclosure by Florida Community Bank Florida Community Bank Latest from The Business Journals Follow this company .
The Weston-based bank filed a foreclosure lawsuit on March 22 against Virginia Gardens Group, along with managing member Hector J. Hernandez. It concerns a $2.9 million issued in 2007 by Premier American Bank, which later failed.
Florida Apartments and Distressed Properties
That is the same year Virginia Gardens Group purchased the 26,383-square-foot complex at 6045 N.W. 37th Street for $3.9 million. The two-story property was built in 1967. This is an excellent are for growth and commercial real estate.
Distressed Property Opportunities in Florida
Miami attorney Paul D. Friedman, who represents Florida Community Bank in the lawsuit, provided a copy of the complaint that showed $2.7 million was outstanding on the loan. The complaint also noted that Hernandez lost a $20.6 million judgment to the bank over a guarantee on the Water Place Group concerning an apartment building in Kendall. Water Place Group filed for Chapter 11 reorganization in U.S. Bankruptcy Court to stay the foreclosure action. Hernandez appealed that judgment.
BankAtlantic wins $8M foreclosure on office park
BankAtlantic won an $8.3 million foreclosure lawsuit over the Las Flores Center office condo park in Miami.
The Fort Lauderdale-based bank (NYSE: BBX) won the judgment against Las Flores Land Investment over a $6.2 million mortgage, plus interest and fees. The 88 office condos in the complex at 2600 N.W. 21st Terrace are set for online auction April 25. Some of those units are being leased.
Office Parks and NNN Commercial Real Estate Developments
The managing members of Las Flores Land Investment are Robert Roskamp, David Howell, Phil Kaltenbacher and Reinier Padron. They completed the project in 2010, but sold only three units.
Bruce Kassman, an executive VP with Colliers International South Florida, was recently appointed the receiver of the property. Office Parks and commercial real estate distressed properties are coming onto the Florida market. Now is the time to pounce with low interest rates for Commercial Real Estate.
BB&T targets three Miami apartment properties
BB&T wants to seize three apartment buildings in Miami that are owned by the same investors.
The bank filed three separate foreclosure lawsuits on March 26 against Cedars Apartments Investment, Chase Holdings and Flagler Apartment Holdings. The managing members named in all three lawsuits were Javier Sanchez and Filiberto Sanchez.
South Florida Distressed Real Estate Projects
The largest property is Cedars Apartments’ 45-unit building in 47,964 square feet at 1471 N.W. 17th Street. It was secured by a Colonial Bank mortgage last modified at $4.2 million in 2008. BB&T acquired the loan after Colonial Bank failed.
The same bank modified the $3 million mortgage for Chase Holdings in 2008 as well. That lawsuit targets the 36-unit building in 22,870 square feet at 2170 N.W. 11th Street.
Banks and Triple Net Real Estate
Finally, BB&T’s lawsuit against Flagler Apartment concerns the mortgage last modified at $2 million in 2008 on the 24-unit building in 18,547 square feet at 1942 Northwest Flagler Terrace.
Fort Lauderdale attorney Richard Storfer, who represents BB&T in the lawsuits, couldn’t immediately be reached for comment.
