Lender To Foreclose On Leftover South Florida Condo Conversion Units

In Miami, Florida, the South Florida Business Journal reports:

• Coral Gables-based Great Florida Bank has filed its first major foreclosure lawsuit as it seeks to repossess 234 units in three separate projects across south Miami-Dade County.

The three projects in Great Florida Bank’s foreclosure lawsuit are:

• The Cutler Gardens condo conversion – A 35-year-old complex where the condo converter/ developer sold only 10 units. The bank filed to foreclose on the remaining 205,

• The Kendall Lake Towers condo conversion – Only 16 of the 255 units were targeted by the foreclosure,

• The Perrine Industrial Park commercial condo – The developer sold one unit at the 37-year-old property and the bank filed for foreclosure against the remaining 13.

For the story, see Great Fla. Bank foreclosure targets 234 units.

For other recent stories on lenders left holding the bag on unsold and/or unfinished South Florida condos/townhouses, see:

• Lender repossesses 140 units in WPB Whitney: Developer closes on only 70 units in the Whitney in West Palm Beach before agreeing to deed over 140 unsold units to lender;

• Cornerstone Group faces another foreclosure: A fourth South Florida project by Coral Gables-based Cornerstone Group has been slapped with a foreclosure lawsuit, with Wachovia filing to repossess its Villa Capri development in Naranja. The unfinished project was to have 479 townhouses, according to court filings. In addition to Villa Capri, Cornerstone’s unfinished Mediterania Townhouses project in Riviera Beach and 45 unsold units in its Solabella town home project in Miami Gardens and 84 condo units in Hollywood Station also are facing foreclosure.

• Conversions lead the pack of foreclosures: Conversions dominated South Florida foreclosure activity in 2008 among condo and townhomes, with a West Palm Beach project’s $30 million in bad loans leading the way.