Florida Condo Converter Faces Foreclosure Suit On A Third Project; Difficulty Unloading Its Inventory Leaves Ocean Bank Holding The Bag Again

In Coral Springs, Florida, the South Florida Business Journal reports:

• Financial woes continue for BH Capital Partners, as one more of its condo conversion projects now faces a foreclosure lawsuit from Ocean Bank. The Miami-based bank filed for foreclosure on July 29 against Coral Lake 260, a subsidiary of Coral Gables-based BH Capital that converted the Crescent Cove Condominiums. It is the third such lawsuit against BH Capital. [...] In late December, the bank extended the due date for the mortgage – then owing $9.6 million – to Jan. 28, 2008. In the foreclosure documents, Ocean Bank exempts the 151 units that the developer sold to buyers. Coral Lake 260 owns 109 units at Crescent Cove, according to property records.

• Ocean Bank also has foreclosure lawsuits pending against BH Capital’s Monticello 856, which owes $29.1 million on 366 unsold units at the Villa Bellini Condos in Miami Lakes, and Hialeah 150, which owes $12.8 million for 116 unsold units in Villas Del Paraiso.

Source: Coral Springs condo faces foreclosure lawsuit.