WEST PALM BEACH, FL-Miami-based Ocean Bank has sold a 1.5-acre site in West Palm Beach at a 48% discount. The bank seized the site in 2010 after filing a foreclosure suit against Diegon 4, a subsidiary of Miami Beach-based Merco Group, on a $2.65-million mortgage loan.
Merco Group planned to construct a condominium on the site. REPH IV, an affiliate of Ocean Bank, sold the property, located at 300 Palm Beach Lakes Blvd., to Key Biscayne-based PBL 300 LLC for $1.375 million. For the full story, go to South Florida Business Journal .
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