GSIG LLC
On February 11th, Great Florida Bank won a $33.7 million foreclosure judgment over the delayed Arden Park (formerly known as Coscan Shefaor) residential project in Hollywood.
This 33-acre project was a joint venture between Aventura-based Shefaor Development and Fort Lauderdale-based Coscan Homes.
The developer bought the property for $10.8 million back in 2005, when it was a mobile home park. One year later, in 2006, Great Florida Bank granted it a $26.6 million mortgage. The developers removed the residents and cleared the site in hope of building more than 153 single-family homes. Shefaor Development’s Web site listed the sellout value of the project at $246.5 million.
The site, at 3499 Stirling Road, is set for public sale on April 13 at 11 a.m. in the Broward County Courthouse.
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