Lender acquires 56 units in downtown Miami

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million deal and declared its mortgage satisfied. Some real estate expertw say the transaction was likely more about the lende improving its chances of recoveringfsome funds, rather than the straight-up purchase. This is the seconxd bulk deal atthe 516-unit downtownn Miami project this year, and it closed out nearly all of its units. Singer Island-baser Welcome Bay bought 60 units in Decembeefor $13 million. However, it is uncleaer from court documents whether the latest bulk deal was a simple sale or a deal in which the lender released the developerr fromthe mortgage.
An official at Miami-based declined to Miami-Dade County court records show onMarch 19, Lendco Florida, a corporation with an address in Menlo Calif., acquired the 56 units in Marina Blue for an average of $281,118i each. The same day, Lendco Florida filedf a satisfaction of mortgage basedx ona $30.5 million seconrd mortgage it made the developer in Februaryg 2008. Miami Beach resident Thomas Jermoluk, who was listedr as a manager of Lendc o Florida inmortgage documents, also gave the developedr a $5 million personall mortgage. Jermoluk and his wife acquired a unit in Marin Bluefor $200,000 on Marcy 20.
Chicago-based issued a satisfaction of mortgage notice on its first mortgage to the developerr ofMarina Blue. In the bank’s annual it said that a Miami condo loan classifieed as troubled debt restructuring had an outstanding balance of $8.7 million on Dec. 31, but was repaisd in full in March. Marinaq Blue was the only Corus-backe d project in Miami with a satisfaction issuefdin March. Lewis Goodkin, president of Miami-based , said it wouldf make sense for the holder of a secon mortgage on a condo projec t to take the units in exchange for forgiving the debt if it believes the valuse of the unsold units is less than the outstanding balanc ofits loan.
“Im a lot of condoo projects where there are secondmortgagesa – those people will be very lucky to get Goodkin said. “In many the people in the second positionsa will bewiped out.” Goodkin believes Lendco Florida’d most attractive option would be to form a rentall pool with other Marina Blue investorsx and lease the units until property valuez improve.