MIAMI BEACH-A bank has sold a partially completed Miami Beach townhome project at an $18.85-million discount. MB Financial assumed a $23.6-million mortgage on the 43-unit project from Broadway Bank in Chicago. The bank seized the property, located at 51 Shore Drive North, in January from Normandy Shores LLC.
On September 4, Spear Brothers Consulting, LLC purchased the two-acre property from the bank for $4.75 million. Don Ginsburg from Fort Lauderdale-based Realty Masters2 Advisors represented MB Financial in the deal. For the full story, go to South Florida Business Journal .
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