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July 29, 2010 |
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| December 15, 2009 |
By: Eric Kalis |
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he owner of a Holiday Inn and vacant commercial lot in Sunrise avoided foreclosure by turning over the hotel and property to the lender to resolve a mortgage of almost $14 million.
New York-based Navnish Investment, operating as Navnish Sunrise, sold the Holiday Inn at 3003 N. University Drive and a 6.8-acre vacant parcel to Latitude Management Real Estate Investors. Latitude, a Los Angeles real estate fund manager, acquired the properties through a deed in lieu of foreclosure recorded Tuesday by Broward County. The sale closed Friday, according to the deed.
West Palm Beach attorney Paul Hines, who represented Latitude in the transaction and prepared the deed, referred questions about the deal to Latitude executives. Latitude president Glenn Sonnenberg did not immediately return calls seeking comment.
Latitude is financially backed in part by Legg Mason Real Estate Capital, according to the company’s Web site. Legg Mason gave Navnish a $13.7 million loan for the Sunrise properties in August 2006. The loan was set to mature in January 2011.
Navnish bought the 173,417-square-foot hotel and vacant parcel in March 2006 for $10.97 million, according to Broward County records. Navnish managing principal Sheenal Patel did not return calls seeking comment.
Legg Mason never filed a foreclosure action against Navnish, according to Broward County records. Navnish had four construction liens filed against it in 2008.
Eric Kalis can be reached at (305) 347-6651.
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