MIAMI, FL--A South Florida bank has filed to foreclose the remaining 167 unsold units in the Paradise at Dadeland (top left photo) condo project in the Miami suburb of Kendall, according to a new report based on the Condo Vultures® Foreclosure Database™. Mercantil Commercebank, a Coral Gables-based institution with $6.8 billion in assets, filed a notice of Lis Pendens against the project’s owner Dadeland 88 LLC with Antonio Alonso as manager in the second quarter of 2011, according to Miami-Dade County and Florida Secretary of State records.
The lender is seeking repayment of the outstanding balance from an original loan issued in 2006 for $35.7 million but was later modified in June 2009 to a reduced mortgage amount to nearly $16.4 million, according to Miami-Dade County records.
In modifying the mortgage two years ago, Mercantil Commercebank provided “a replacement of a replacement balloon promissory note” that provided for a maturity date of May 23, 2013, according to Miami-Dade County records.
The terms of the mortgage call for 80 percent of the gross sales price of every unit transaction to be paid to the lender in an effort to repay the loan, according to Miami-Dade County records.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
No comments:
Post a Comment