Lender acquires 56 units in downtown Miami

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million deal and declaredx itsmortgage satisfied. Some real estatew experts say the transaction was likely more abouf the lender improving its chances of recovering some rather thanthe straight-up purchase. This is the second bulk deal atthe 516-uniyt downtown Miami project this year, and it closes out nearlty all of its units. Singer Island-based Welcomee Bay bought 60 units in Decemberfor $13 However, it is unclear from courr documents whether the lates t bulk deal was a simple sale or a deal in which the lended released the developer from the mortgage. An official at Miami-based declinefd to comment.
Miami-Dade Countyy court records show that, on March 19, Lendco Florida, a corporation with an address inMenlo Park, acquired the 56 unitsd in Marina Blue for an average of $281,118 The same day, Lendco Florida filed a satisfaction of mortgagw based on a $30.5 million second mortgage it made the developere in February 2008. Miami Beach resident Thomas Jermoluk, who was listed as a manager of Lendcoo Florida inmortgage documents, also gave the developer a $5 milliojn personal mortgage. Jermoluk and his wife acquired a unit in Marinaw Bluefor $200,000 on Marchn 20. Chicago-based issued a satisfactionm of mortgage notice on its firsg mortgage to the developer ofMarina Blue.
In the bank’sw annual report, it said that a Miami condi loan classified as troubled debt restructuring had an outstandingf balanceof $8.7 millionm on Dec. 31, but was repaid in full in Marina Blue was theonly Corus-backed projectg in Miami with a satisfaction issued in Lewis Goodkin, president of Miami-based , said it would make senss for the holder of a second mortgage on a condo project to take the units in exchangew for forgiving the debt if it believe s the value of the unsold units is less than the outstandinb balance of its loan. “In a lot of condk projects where there are secondmortgageas – those people will be very lucky to get Goodkin said.
“In many cases, the people in the second positions will bewiped out.” Goodkinj believes Lendco Florida’s most attractivew option would be to form a rental pool with othef Marina Blue investors and lease the unitx until property values improve.