Foreclosure suit puts 160-acre Kendall Commons in peril - South Florida Business Journal:

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Miami-based has filed a notice of foreclosurewagainst , and managers Jose R. Boschettio and Martin Caparros Jr. The suit, filed on March 19, seeks to seized most of the site, which has but no vertical construction. The site is on the southy side of Kendall Drive just east ofKroms Avenue. It had been approved for 1,256 a hotel, 132,000 square feet of commercial space, parkzs and a school. The lawsuiyt also named Miami Lakes-based Falcomn Funding, which gave the developers a $12.2 millionh second mortgage for Kendall Commonsin 2004. Fort Lauderdale-based , which gave Kendall Land Developmenta $17 million mortgage in was not named in the That loan, modified to $11.
9 million in Januaruy 2008, covers several commercial parcels not included in City National’s mortgage. City National’s foreclosurer lawsuit is based onthe $33.8 million mortgage it grantex Kendall Land Development in 2004. It was last modifiedd to $22 million in January 2008. Offices owner faces foreclosure No. 4 The head of Cora Gables-based faces his fourth foreclosure lawsuit. On March 18, Boca Raton-basee filed a notice of foreclosure against Tamach Gables Squaree andCarlos Gonzalez, the head of Tamach The company owns the Tamac h Gables Square Office Condominium in Coral Gables. Of the 46 office condko units, 14 have sold.
Sun American’s lawsuit is based on a mortgagwe last modifiedat $14.9 million in December 2007. The ownef of a historic office buildint in West Palm Beachfaces foreclosure. Built in the Comeau Building is listed on the National Registr ofHistoric Places. Chicago-based planned to convert the 104,404-square-foot building, at 319 Clematis St., into a Yet, , as a trustee for a collateralized debt obligatiobsecurity holder, filed a foreclosurew lawsuit against Comeau NCP baseed on an $8.3 million mortgage obtainerd in 2006. Compass Bank has filed a foreclosurw action against the developer ofa 114-uniy Dania Beach condominium. The filing by the Ala.
-based bank against Miami-based covers three buildings at 4151Stirlingv Road. Compass Bank gave Oaks Grou a $17.1 million mortgage in 2006. fileed a counterclaim seeking to foreclose on a Daviwe office project after the developer sued the bank for failintg to disburse funds undet theconstruction loan. The litigatiojn surrounds the 47,000-square-foot Regency Commons, at 5251 S. University Drive.