Miami Lender Getting Clobbered Financing Failed Condo Conversions; Foreclosures Will Leave It Holding 500+ Unsold Units

In Fort Lauderdale, Florida, the South Florida Business Journal reports:

• A foreclosure auction has been scheduled for the 109 unsold units in the Crescent Cove condominium community in Coral Springs. Miami-based Ocean Bank won an $11.8 million foreclosure judgment against condo converter Coral Lake 260, an affiliate of Coral Gables-based BH Capital, [...]. The auction is set for Feb. 24 at 11 a.m. in the county courthouse in Fort Lauderdale. The 260-unit complex is at 8300 Coral Lakes Lane.

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• 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.

For the story, see Foreclosure auction set for 109 units in Coral Springs.

In a related story, see Ocean Bank to lay off 127:

• It was a double whammy for Ocean Bank as the Miami-based bank announced [last] Friday an $86.7 million fourth quarter loss, along with the layoff of 127 employees. [...] Ocean Bank has filed foreclosure lawsuits against dozens of development projects in South Florida.