Bank foreclosure list properties in Florida continue to rise in the commercial sector as banks continue to pursue foreclosure proceedings on defaulting developers and property owners.
Among recent commercial foreclosures in Florida involved lands that have received approvals for commercial and multifamily developments but were never developed. One is a senior residential project planned by Pompano Creek Associates on a nine-acre site in Broward County. The development firm planned to build a 418-unit seven-story building in 2008 using a $3.7 million loan from Lighthouse Capital Funding, but it failed to start construction and failed to pay its loan.
Another is a mixed-use project by Grove Station Development on more than one acre of land near a Miami-Dade County Metrorail station. The developer planned to build retail spaces, offices, rental housing, a parking garage and a hotel, but the developer failed to start construction and failed to pay its loan owed to FirstBank Puerto Rico, which filed a $4-million foreclosure lawsuit.
Another vacant site in Broward County was targeted by FirstBank in its foreclosure lawsuit against Palasan Properties, which failed to pay its $2.3 million loan and failed to start its commercial project on the vacant land.
Among bank foreclosure list properties in Coral Gables is an eight-unit apartment building purchased by Valencia Investors in 2005 for $6.1 million. The investors planned to convert the building into a ten-story office complex, but the city of Coral Gables rejected its application.
U.S. Century Bank later filed a foreclosure lawsuit against the investors after they failed to pay their $4.6 million loan taken out in 2005 and modified in 2007.
The managing directors of Valencia Investors, namely Rolando Iglesias and Jorge Guerra, also lost two of their projects to foreclosure early this year. They lost an 83.9-acre residential project near Florida City in January that secured a mortgage loan owed to Ocean Bank, which later filed a $16.8-million lawsuit against them.
They also lost their 30-acre residential project near Florida City after failing to overcome the $4.2-million lawsuit filed by Premier American Bank in June.
An Oakland Park residential project planned by Brenner Real Estate president Scott Brenner, who has been developing properties since 1987, is another project in Florida that has entered foreclosure. Centurion Capital Fund won its $23.6-million lawsuit against Brenner in November.
Last December, Brenner also lost his real estate project in Plantation after he failed to pay his $5.1-million loan owed to Colonial Bank, which later added the property to its bank foreclosure list.
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