25 Aug 2014
Miami Dade Retail Plaza could be seized in foreclosure Featured
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Miami Dade County
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Miami Dade Retail Plaza near Homestead which built in 2007, could be facing a foreclosure. The property received a $3.9 million mortgage in 2009 from U.S. Century Bank. In March, the Doral-based bank sold the loan, along with 21 others, to Waterfall Olympic Master Fund, a Cayman Islands-based company registered in New York. It was part of the “undercapitalized” bank’s strategy to reduce its level of problem loans.

 

Waterfall Olympic Master Fund filed a foreclosure lawsuit on July 25 against Royal Gate Center, along with managing members Fernando Salsamendi Jr., Carlos de la Cruz and Ricardo B. Recio. It targets the 35,723-square-foot retail plaza at 15360 S.W. 280 th Street.

 

Miami attorney Richard Morgan, who represents Waterfall Olympic in the lawsuit, didn’t return a call seeking comment.

Tenants in Royal Gate Center include a dry cleaners, a daycare, and a mattress store. It’s on the corner of U.S. 1.

Apollo Bank won a $4.1 million foreclosure judgment over a heavy industrial site in Medley.

The Miami-based bank obtained the judgment against Medley Properties, along with managing members Walter A. Lista, Walter L. Lista, Marta Lista and Jose Zarraluqui, over a $3 million mortgage, plus interest and fees.

The 10-acre industrial site with 14,051 square feet of buildings at 11002 N.W. South River Drive is set for online auction Sept. 9.

Purchased for $2.35 million in 2005, the property has been used mostly for truck parking.

An affiliate of home building giant Lennar Corp. obtained title to 76.2 acres of farmland in Homestead after completing a foreclosure.

Coco Palm 82 LLC, an affiliate of the Miami-based home builder (NYSE: LEN) previously won a $31 million foreclosure judgment against MD Holdings II LLC. It bought the $25.5 million loan from Doral-based U.S. Century Bank, which has been selling off its problem loans as it seeks to cure its “undercapitalized” status.

After winning the foreclosure auction with a credit bid, Lennar was awarded title of the property at 11760 S.W. 248 th Street in July. The previous owner secured approval for 581 market-rate housing units and 83 workforce housing units there but construction didn’t get started.

 

Source : South Florida Business Journals, Brian Bandell

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