Southwest Miami-Dade Land Sells At 81% Discount

Dec 05, 2012 No Comments by

After holding onto a stalled development site in southwest Miami-Dade County for two years, FirstBank Puerto Rico finally found a buyer, but it took an 81 percent discount from its foreclosed mortgage.

The bank (NYSE: FBP) seized the property at 12808-12889 S.W. 246th St. in 2010 from R&E at Palm Vista II, which planned to build 92 homes there, after foreclosing on a $2.5 million mortgage.

In November, the property was sold for $487,500 to Strawberry Fields of Kendall. The buyer, managed by G. Lynn Chaffin and Karl Wiegandt, received a $296,400 mortgage from Homestead-based Community Bank of Florida.

 

Source:  SFBJ

Go Ahead...Share!
  • email
  • Facebook
  • LinkedIn
  • Twitter
  • Add to favorites
  • Print
Industry News, NA
No Responses to “Southwest Miami-Dade Land Sells At 81% Discount”

Leave a Reply