As reported in the March 25th edition of the South Florida Business Journal:
In the sixth pending foreclosure lawsuit against it, MCZ/Centrum could lose control of a 202-acre golf course in Boca Raton. Wachovia Bank filed the foreclosure action on March 18 against MCZ/Centrum Florida V owner and President Michael Lerner, along with managing members Arthur Slaven, Laurence Ashkin and John McLinden, according to Palm Beach County Circuit Court records. It concerns the Ocean Breeze Golf & Country Club at 5800 N.W. Second Ave.
The developer – a partnership between MCZ Development and Centrum Properties – planned to build 211 homes on the golf course. Many residents opposed it, and it never took off.
The developer bought the site for $7.2 million in 2004 and obtained a $7 million mortgage from Wachovia. The loan matured in May 2009. West Palm Beach attorney Lawrence Rochefort, who represents Wachovia in the lawsuit.
MCZ/Centrum purchased prominent properties in South Florida during the height of the real estate boom. It successfully converted The Wave and The Tides in Hollywood, and the nearly 1,700-unit Flamingo in Miami Beach. However, things started unraveling last year, when lenders filed foreclosure lawsuits against its residential projects Parc Central Aventura, Palms Club Condominiums in Orlando, Mirabella Condominiums in Orlando, the Serenata Sarasota Condominiums and a 788-acre site in Manatee County.
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What is the status of this foreclosure? Is the owner trying to sell the property via a short sell?
ReplyDeleteThe city should have never approved this development and they are only lucky that it hasn't been another half-built "Eden" disaster.
ReplyDeleteGood Riddens - please take another developer with you on your way out of town
ReplyDeleteThese developers from Chicago were late to the party, but with almost no money at risk due to over 95% financing it is easy to walk away from these development projects.
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