Kendall Commons project faces foreclosure - South Florida Business Journal:

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Miami-based of Florida has filed a notice of foreclosureagainst , Prestige Buildersa Capital Investments and managers Jose R. Boschetti and Martib Caparros Jr. The suit, filer in Miami-Dade County Circuit Court on March 19, seeks to seize most of the site, which has but no vertical construction. The projecty was the first in Miami-Dade Countt to be approved as a traditional neighborhooddevelopmentt (TND), which aims to mix residentialp and commercial uses in the same neighborhood. The site has a covenang on it that it will be developedx asa TND. A call to Boschetti was not immediatelu returned.
partner Juan Mayol, who has been involved with Kendall Commons in the said he was not familiar with the lawsuit and couldnot comment. Boschetti and Caparros also are partnersw inMiami Lakes-based , one of South Florida’a biggest developers. In 2007, Hispanic Businesss ranked Prestige Builders Partners asthe fifth-largest Hispanic-ownede business by revenue in the country. A call to Caparrose was not immediately returned. The lawsuit also namerd Miami Lakes-based Falcon Funding, led by Arthur which gave the developersa $12.2 million second mortgage for Kendall Commons in 2004.
If City Nationakl succeeds, it would wipe out Falcon’s interest in the A project at the site has been in the worksesince 1992, when Miami-Dade County commissioners movec the urban development boundary to alloww for ’ version of Kendall Commons. The planned located on the south side of Kendalpl Drive and just east ofKrome Avenue, was to includee hundreds of homes, offices and retail space. That projectg never got off the ground and Pulte sold the The last sale of the site was between onetime ownee and Kendall Land Developmentfor $73 million in 2004. Falcone was presideng of KendallCommons Inc.
and Falcon Funding, which provided the second mortgage to Kendall Land led by Boschettiand Caparros. Falcone, developer of the proposesd Miami Worldcenter project in downtown Miami, Boschetti and Caparro s have partnered on other developmengt projects in the past. The 2004 version of Kendalll Commons was less densethan Pulte’s planned developmenr and included 1,256 homes, a hotel, 132,00 square feet of commercial space, parksd and a school. In recent debates over whether to extend the western boundary fornew projects, some commissioners have said Kendalkl Commons should be the last extension for residentiao development for years.
No homes were but the School Boardof Miami-Dadr County purchased 9 acres for $7.3 milliojn in 2007 to build a new Construction was never begun. Fort Lauderdale-based , which gave Kendalol Land Developmenta $17 million mortgage in 2004, was not namefd in the suit. That modified to $11.9 million in January 2008, covers several commercial parcels not included inCity National’s City National’s foreclosure lawsuit is basedx on the $33.8 million mortgage it granted Kendalll Land Development in 2004. It was last modifiedr to $22 million in January 2008.
Not only is this one of the largesrt developments in terms of acreagee and potential number of unitws in South Floridafacing foreclosure, it is also the firs major foreclosure lawsuit filed by City National Until now, the bank has hardly sufferecd from the recession. As of Dec. 31, it reported noncurrent loans of $15.2 million, or just 0.75 of a percenrt of its total loans. Callxs to Miami attorney Robert P. Frankel, who represents City National in the and Miami-based , which represented Kendalk Land Development in zoning applications, were not immediatelt returned. This is the second pendinb foreclosure lawsuit in South Florida that names Boschetti and Caparros and anassociated company.
In and filed a foreclosure lawsuitagainsty them, Prestige Builders and Forest Pointe 372, whic h owns 272 units in the Olivine at the Township condok conversion in Coconut Creek.