By Brian Bandell Feb 28, 2011, 10:13am EST
The owner of the Shoppes of Wellington Green surrendered the 130,599-square-foot retail center to its lender.
Boca Raton-based Cedar Development built the shopping center, on 15.3 acres at 10500 Forest Hill Blvd., in 2002. It is in front of the Mall at Wellington Green.
Cedar Development, an affiliate of Schmier & Feurring Properties, transferred the deed for consideration of $33.3 million in debt relief to Wellington 2006-C29, the representative of a commercial mortgage-backed security (CMBS) fund managed by U.S. Bank. The special servicer for the lender is Helios AMC.
According to a report from CMBS analysis firm Trepp LLC, the deal was a deed in lieu of foreclosure. The mortgage has been delinquent for more than a year.
The property lost Circuit City and Linens ’n Things when they went into bankruptcy. The remaining tenants include Pier 1 Imports, Panera Bread, The Vitamin Shoppe, Godiva and Starbucks Coffee.
The property was only 43 percent occupied, however a lease for 29,000 square feet has been finalized with a big-box tenant that should arrive in May, according to Trepp. That would increase the occupancy to 65 percent.
As the Business Journal previously reported, that new tenant is hhgregg.
The Shoppes of Wellington Green was appraised at $13 million last year, down from $38.9 million when the loan was originated in 2006.
Miami investor targets Keys Lake project
A Miami-based investor wants to seize the Keys Lake and Tropical Villas townhome projects in Homestead.
Several months after buying two loans from Miami-based Ocean Bank, SR-Acquisitions Florida City filed a foreclosure lawsuit against San Remo Homes of Florida City and SR-Acquisitions Homestead filed a foreclosure lawsuit against San Remo Homes of Homestead.
Marco Ramangnoli, Roberto Ramangnoli, Javier Macedo Rodriguez and Felisberto Figueira Camacho manage the borrowers.
The larger property is the 25.3-acre site at the northeast corner of Arthur Vining Davis Parkway and Southwest 172nd Avenue. It had approval for 201 townhomes in the Keys Lake project. San Remo Homes of Florida City bought it for $8 million in 2005 and last modified its mortgage with Ocean Bank for $3.6 million in 2009.
Tropical Villas was supposed to go on 6.5 acres on the west side of Northeast 18th Avenue, just north of State Road 821. San Remo Homes of Homestead bought it for $2 million in 2005 and last modified the mortgage with Ocean Bank at $872,000 in 2009.
Miami attorney Eric Ostroff, who represents SR-Acquisitions in both lawsuits, could not be reached for comment. State records do not list a manager for SR-Acquisitions.
Homestead farm loses $6M foreclosure
A 79-acre farm in Homestead is headed to auction after its owner lost a $6.4 million foreclosure judgment.
Miami-based NAFH National Bank won the judgment against Garden Depot Corp. based on a $4.8 million mortgage originally issued by Metro Bank of Dade County, which later failed. The site, at southeast corner of Tennessee Road and Southwest 176th Street, is set for online auction April 7.
The company bought it for $7.2 million back in 2007.
Garden Depot previously lost a $4.6 million foreclosure judgment to Branch Banking & Trust Co. over another agricultural site in Homestead.
Opa-locka apartments set for auction
A 48-unit apartment complex in Opa-locka is headed to auction.
North Miami Beach-based Metro Realty of South Florida won a $2.6 million foreclosure judgment against Opa Lakes Apartments. It was based on a $2.1 million mortgage that Banco Popular North America sold to Metro Realty, which is managed by Valerie Millman and Harris Millman.
The 52,468-square-foot apartment complex, at 2491 N.W. 135th St., is set for auction April 12. It was built in 1972 and bought for $1.6 million in 2008.
Pugliese’s storage facility headed to auction
Anthony Pugliese III may lose his storage facility in Coconut Creek at a foreclosure auction.
Branch Banking & Trust Co. won a $12.8 million foreclosure judgment against Coconut Creek Johnson Road based on an $11.7 million mortgage, plus interest and fees.
Pugliese, who has proposed building the 41,300-acre Destiny in Central Florida, was named as a guarantor in the lawsuit, but the judgment did not rule on whether he would be liable for damages.
The 71,880-square-foot Automated Self Storage Systems building, at 5431 Johnson Road, is set for online auction April 12. It uses computers and robotics to help people store their belongings.
Pugliese has been faced with a handful of foreclosure lawsuits, including over a stalled apartment complex in Coconut Creek, a stalled commercial project in Sebastian and a site in Martin County.
Seventh foreclosure lawsuit against developer Vinas
Southern Miami-Dade County developer Robert Vinas has been named in a seventh foreclosure lawsuit – this one targeting 15 homes and townhomes.
FirstBank Puerto Rico filed a foreclosure lawsuit Feb. 22 against Lakes Acquisitions and Vinas over 15 mortgages made for a combined $3.6 million in 2007. There was originally an additional $293,000 loan, but that home was released in a short sale for $235,000.
Most of the property targeted is in Kingdom Dreams. Those 12 townhomes are at 5826-5876 S.W. 162nd Path and 5827-5877 S.W. 163rd Ave.
Also included are single-family homes in Estate Mansions, at 13246 and 13166 S.W. 218th Terrace, and a house in Precious Forest Homes, at 17865 S.W. 156th Ave.
Vinas’ other Miami projects facing foreclosure are Hurricane Cove on the Miami River, Precious Estate Mansions, Mustang Estates, Estate Mansions, Sofia Estates and Lakes Kingdom.
Homestead project latest foreclosure for Prime Group
A foreclosure lawsuit over its Portofino Plaza project in Homestead is the latest property that Hollywood-based Prime Group could lose to lenders.
Wells Fargo Bank filed a foreclosure lawsuit on Feb. 11 against Prime Homes at Villa Portofino East and Prime Homes at Portofino Professional Center over a $12.9 million mortgage. The site is along Baptist Way, north of Campbell Drive – right next to Homestead Hospital.
The developer planned to build 30,000 square feet of retail space and a 14-screen theater on the 2.3-acre site.
Lori Vaughan, who represents Wells Fargo in the lawsuit, did not immediately return a call seeking comment.
The company, run by the Abbo family, is also known as Prime Homes. It has built dozens of residential projects in Florida.
This is not the first trouble for Prime Group. In 2009, Wells Fargo filed a foreclosure lawsuit in Lee County Circuit Court targeting four properties: the Portofino Springs townhomes in Fort Myers, the Portofino Landings apartments in Fort Pierce, the Portofino Vista townhomes in St. Cloud and Villa Portofino East townhomes in Homestead.
A year later, Prime Group sold the Homestead project for $4.5 million to Treasures of Homestead.
Prime Group CEO Larry Abbo was not available for comment.
Lauderhill redevelopment project hit with foreclosure
Instead of creating a hub for businesses in Lauderhill as part of the city’s redevelopment plan, the Carishoca project has been targeted for foreclosure.
Branch Banking & Trust Co. filed a foreclosure lawsuit Feb. 17 against Carishoca Ltd. and George Rahael, the president of struggling Coral Springs developer Amera Corp.
The company has faced more than a dozen foreclosure lawsuits in Broward County. In fact, On Feb. 18, IberiaBank filed a $1.7 million foreclosure lawsuit over Amera’s Riverbend South project in Fort Lauderdale.
With 13.9 acres at the northeast corner of West Sunrise Boulevard and State Road 7, Carishoca was planned to attract businesses as part of Lauderhill’s redevelopment efforts. The developer paid $3.2 million to buy the land from the city and its community redevelopment agency and got a $3.1 million mortgage from Colonial Bank, which later failed and became part of BB&T.
Miami attorney Jennifer Gauthier, who represents BB&T in the lawsuit, did not immediately return a call seeking comment.
Amera’s plans for Carishoca include 400,000 square feet of restaurants, business offices and retail in a Caribbean-inspired community. It hoped to attract Caribbean consulates, a trade exhibition center, convention and meeting facilities and a hotel. The property is next to Central Broward Regional Park, which is designed to host international cricket matches.
The Lauderhill Community Redevelopment Agency touted the project on its website.
In 2010, Arbela LLC asked Broward County to help it secure $16.5 million in tax-free bonds to purchase the site from Carishoca and start construction. The county approved the item, but the company could not secure financing on the bond market, and the deal did not go through.
Some officials with Amera could not be reached for comment.