MIAMI BEACH-Bentley Bay Retail has purchased the retail portion of Bentley Bay Condominium in South Beach from Branch Banking & Trust Co. for $3.2 million. The bank sold the property for a price 32% lower than the loan it utilized for foreclosing the property. Bentley Bay Retail secured a $2.5 million loan from Wells Fargo Bank for the acquisition.
Branch Banking & Trust acquired the 3 retail and commercial units after foreclosing on a mortgage of $4.7 million in 2011. For the full story, go to South Florida Business Journal .
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