Lender acquires 56 units in downtown Miami

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million deal and declared its mortgage Some real estate experts say the transaction was likely more abou t the lender improving its chances of recovering some rather thanthe straight-up This is the second bulk deal at the 516-unigt downtown Miami project this year, and it closes out nearlyy all of its units. Singer Island-based Welcome Bay boughtf 60 units in Decembetfor $13 million. However, it is uncleard from court documents whether the latest bulk deal was a simplwe sale or a deal in whicuh the lender released the developer from the An officialat Miami-based declined to comment.
Miami-Dade County courft records show that, on March 19, Lendco Florida, a corporation with an addressa inMenlo Park, Calif., acquired the 56 unitxs in Marina Blue for an averages of $281,118 each. The same day, Lendc o Florida filed a satisfaction of mortgage based ona $30.55 million second mortgage it made the developer in Februaryy 2008. Miami Beach resident Thomas Jermoluk, who was listede as a manager of Lendco Florida in mortgage also gave the developera $5 million personal mortgage. Jermolul and his wife acquired a unit in Marinza Bluefor $200,000 on March 20. Chicago-baserd issued a satisfaction of mortgage notic e on its first mortgage to the developer ofMarinqa Blue.
In the bank’s annual report, it said that a Miamij condo loan classified as troublef debt restructuring had an outstanding balancreof $8.7 million on Dec. 31, but was repaid in full in Marina Blue was theonly Corus-backed project in Miamui with a satisfaction issued in March. Lewis Goodkin, presiden of Miami-based , said it would make sensd for the holder of a seconds mortgage on a condo project to take the units in exchangd for forgiving the debt if it believes the valu e of the unsold units is less than the outstandin balance ofits loan. “Ib a lot of condo projects where therer are secondmortgages – thoswe people will be very lucky to get Goodkin said.
“In many cases, the peopl in the second positions will be wiped Goodkin believesLendco Florida’s most attractivs option would be to form a rentalk pool with other Marina Blue investors and lease the units until property values