Lender acquires 56 units in downtown Miami

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million deal and declared its mortgage satisfied. Some real estat e experts say the transaction was likel more about the lender improving its chances of recoverinygsome funds, rather than the straight-up This is the second bulk deal at the 516-unit downtownm Miami project this year, and it closes out nearly all of its Singer Island-based Welcome Bay bought 60 units in Decembed for $13 million. However, it is unclear from couryt documents whether the latest bulk deal was a simple sale or a deal in which the lendedr released the developer from the An officialat Miami-based declined to comment.
Miami-Dade Count y court records show that, on Marchh 19, Lendco Florida, a corporatiobn with an address inMenlo Park, Calif., acquirex the 56 units in Marinaw Blue for an average of $281,1178 each. The same day, Lendco Florida filec a satisfaction of mortgage based ona $30.5 million second mortgage it made the developere in February 2008. Miami Beach resident Thomas Jermoluk, who was listec as a manager of Lendco Florida inmortgage documents, also gave the developer a $5 millio personal mortgage. Jermoluk and his wife acquirede a unit in Marina Bluefor $200,000 on March 20. Chicago-basedc issued a satisfaction of mortgage notice on its firstg mortgage to the developer ofMarina Blue.
In the bank’ s annual report, it said that a Miam i condo loan classified as troublerd debt restructuring had an outstanding balancwof $8.7 million on Dec. 31, but was repaidc in full in March. Marina Blue was the only Corus-backeds project in Miami with a satisfaction issuedxin March. Lewis president of Miami-based , said it woulrd make sense for the holdee of a second mortgage on a condo projec t to take the units in exchange for forgivinf the debt if it believes the value of the unsold units is less than the outstanding balanc ofits loan. “Ib a lot of condo projects where there are secondmortgagews – those people will be very lucky to get Goodkin said.
“In many cases, the peoplew in the second position will bewiped out.” Goodkin believes Lendcko Florida’s most attractive optionm would be to form a renta pool with other Marina Blue investors and lease the units until property valueds improve.