CORAL GABLES, FL-It’s rare in foreclosure proceedings for a lender to recoup most of its money, but Ocean Bank did just that in the case of residential and commercial units it owned and later sold at the Ponce Tower Condominiums here.
The Miami-based bank seized control last year of 73 residential units and 23 commercial units at the mixed-use condo complex for $24.9 million, according to public records. The development features 100 residential units and 40,000 sf of commercial space, according to the South Florida Business Journal.
Bank affiliate Villa Ponce REPH recently sold 70 residential units and all the commercial units in the 15-story building to affiliates of BH3 Development of Hollywood, FL for $23 million. The bank previously traded three residential units in the building for a combined $1.04 million, therefore the bank sold the properties it seized for a little more than $24 million, very close to the $24.9 million it was owed. See story in the South Florida Business Journal.