COCONUT GROVE, FL-Terra Group's affiliate Terra Grove Investments has purchased a 10,560-square-foot office building located at 2675 S. Bayshore Drive in Coconut Grove for $3.4 million. U.S. Century Bank, which acquired the property by winning a foreclosure suit for its $7.5 million mortgage, sold the property at a price 55% below its debt.
Terra Grove secured a loan worth $2.4 million from U.S. Century bank for the acquisition. The maturity date for the loan is May 2016.For the full story, go to South Florida Business Journal.
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