|
|
 |
|
July 29, 2010 |
|
|
|
|
| |
|
|
| December 23, 2009 |
By: Eric Kalis |
|
luxury residential development in Delray Beach is scheduled to be auctioned off in Palm Beach Circuit Court.
Latitude Delray, a 47-unit townhouse and condominium project, northwest of Federal Highway and Lindell Boulevard, will be up for bid at Monday’s foreclosure sale. Miami Lakes-based BankUnited won a $36.2 million judgment against Latitude developer Savion Holdings on Nov. 23.
Savion, which specializes in luxury residential developments, borrowed $23.3 million from Coral Gables-based BankUnited in 2005 and an additional $11.5 million in 2006.
Savion defaulted on the loans Jan. 11, according to court filings. Bank attorney Arthur H. Rice of Rice Pugatch Robinson & Schiller in Fort Lauderdale did not return a phone call.
Isack Merenfeld, one of Savion’s owners, declined to comment on the foreclosure auction.
Court records indicate only nine units ranging in price from $450,000 to $600,000 have been sold since completion of the project last year. Savion was collecting $34,500 per month from rentals of some units.
BankUnited could end up taking title to the development if the lender chooses to bid Monday. BankUnited’s predecessor was seized by federal regulators May 21 and immediately sold to a private equity group led by veteran New York banker John Kanas.
Latitude is one of two prominent Palm Beach County residential projects to be auctioned Monday. The vacant site of Gramercy Court, a failed West Palm Beach condominium project, also will be sold.
Residential projects completed by Savion include Seabreeze Isles and Town Place at Delray, both in Delray Beach, according to the company’s Web site. Savion is currently developing Hamilton Place, a 16-unit townhouse community in Delray Beach.
Eric Kalis can be reached at (305) 347-6651.
|
Search the archive for more stories.
|
|
|
 |
|
lawjobs Featured Ad
Associate
Dynamic, multi-practice law firm seeks associate with 1-2 years exp. for litigation in workers' comp. department; excellent salary and benefits.
Please fax resume to
(954) 938-7902 |
|
|
|
|
|
|
