Parc Central Aventura Condominium Foreclosure Case Result
Bank of America, along with five other banks, has recently foreclosed on 51 units in the Parc Central Aventura condominium development in Aventura, Florida. The other banks involved in the litigation were Wells Fargo Bank and Charter One Bank, each with a 25% stake, and Lakeside Bank and Emigrant Realty Finance with a 12.5% interest.
Parc Central Aventura was originally bought by the developers Mcz/Centrum Florida XV, LLC, a partnership between Chicago developers McZ and Centrum Florida XV, in 2006 for $105 Million. The developers then converted 352 units into condos while making substantial improvements to the building, funded by a $108 million mortgage provided by the plaintiffs.
The foreclosure action was originally filed in October of 2009. At that time, the defendant still owed $23.3 million on the mortgage and had still had 65 unsold units. The developers have since sold 14 additional units reducing the balance on the loan.
Bank of America’s awarded judgment against MCZ/Centrum was in the amount of $14.3 Million, plus interest and fees. The remaining unsold units will go to auction online on July 2nd, 2012.
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