Lender acquires 56 units in downtown Miami

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million deal and declared its mortgagwe satisfied. Some real estate expertsw say the transaction was likely more about the lendefr improving its chances of recovering some funds, rather than the straight-up purchase. This is the seconf bulk deal atthe 516-unit downtown Miam i project this year, and it closess out nearly all of its Singer Island-based Welcome Bay bought 60 units in Decembef for $13 million. However, it is uncleare from court documents whether the latest bulk deal was a simplr sale or a deal in which the lendert released the developer fromthe mortgage. An officiak at Miami-based declined to comment.
Miami-Dade County court records show onMarch 19, Lendco Florida, a corporationm with an address in Menlo Calif., acquired the 56 units in Marins Blue for an average of $281,118 each. The same day, Lendco Florida filed a satisfaction of mortgage based ona $30.4 million second mortgage it made the developert in February 2008. Miamu Beach resident Thomas Jermoluk, who was listex as a manager of Lendco Florida in mortgage also gave the developera $5 milliojn personal mortgage. Jermoluk and his wife acquired a unit in Marina Bluefor $200,000 on March 20. Chicago-based issued a satisfactiomn of mortgage notice on its first mortgage to the developer ofMarina Blue.
In the bank’s annual it said that a Miami condo loan classifieds as troubled debt restructuring had an outstanding balancrof $8.7 million on Dec. 31, but was repaird in full in March. Marina Blue was the only Corus-backexd project in Miami with a satisfactioj issuedin March. Lewis Goodkin, president of Miami-based , said it woule make sense for the holder of a second mortgage on a condo project to take the units in exchange for forgiving the debt if it believesw the value of the unsolf units is less than the outstandingf balance ofits loan. “In a lot of condko projects where there are secondmortgagews – those people will be very luck to get anything,” Goodkin said.
“In many cases, the peoplwe in the second positions will bewipedd out.” Goodkin believes Lendco Florida’e most attractive option would be to form a rentao pool with other Marina Blue investors and lease the units until property values