38 Million Dollar Bank Owned Foreclosure in South Florida

GSIG LLC

On January 21st, 2010, the largest development project east of I-95 in South Florida (which includes Miami Dade, Broward, and Palm Beach Counties) – Biscayne Landing LLC, lost a $38.3 million foreclosure judgment against it. Consequently, it will be sold at public auction in April.

Biscayne Landing LLC, an affiliate of Deerfield Beach based Boca Developers was approved for almost 6,000 homes along Biscayne Bay. It also holds a 99-year lease from the city of North Miami for 188 acres in an agreement that made the developer responsible for building affordable housing and civic buildings, including a library and Olympic training center.

The Oaks at Biscayne Landing towers were the only completed part of the Biscayne Landing project and were seized in a separate foreclosure auction.

Wells Fargo, which acted as the trustee for a commercial mortgage-backed securities (CMBS) fund and was managed by Credit Suisse First Boston, filed the foreclosure lawsuit in August 2009 against Biscayne Landing LLC and was not challenged by the developers.

Whoever acquires mortgage would obtain the lease from North Miami on the 188 acres, in addition to the $161.3 million first mortgage with a CMBS fund.
Dozens of vendors who filed construction liens against Biscayne Landing LLC will be wiped out if this foreclosure goes through.

For more information on this and other real estate news be sure to check back with us weekly at http://www.gsigllc.com/ or follow us on twitter at http://www.blogger.com/www.twitter.com/gsigllc/