Foreclosure Roundup: Heron Bay Golf Club in foreclosure
Written on June 21, 2010
Wells Fargo Bank isn’t bringing its nine-iron to the Heron Bay Golf Club in Parkland. It’s bringing its team of lawyers to seize the property.
The bank filed a foreclosure lawsuit May 26 against the 18-hole course owner BH Partners I, along with managing members Stuart Kaufman, Alfred Denowitz and Jamie Kaufman, according to Broward County Circuit Court records.
The group bought the property in the sprawling Heron Bay neighborhood for $6.3 million in 2007 and obtained a $4.8 million mortgage with Wachovia Bank, which was acquired by Wells Fargo the following year.
Jamie Kaufman declined comment.
Mark McCumber, a winner of 10 PGA tour titles, designed the golf club, which opened in 1996. The property includes two buildings: 20,088 square feet at 11801 Heron Bay Blvd. and 14,562 square feet at 11500 Trails End. They include a restaurant and a pro shop.
The PGA Tour’s Honda Classic was played at Heron Bay from 1997 through 2002. The past two years, it has hosted the Dixie Amateur.
Fort Lauderdale attorney Scott Rostock, who represents Wells Fargo in the lawsuit, declined to comment.
Other South Florida golf courses facing foreclosure include the Ocean Breeze Golf & Country Club in Boca Raton, the Emerald Dunes Golf Course in Royal Palm Beach and the Grand Lacuna Golf & Country Club in Lake Worth.
Bank targets 138 units in Doral condo
FirstBank Puerto Rico has targeted 138 units in the Doral Gardens II Condominium for foreclosure.
The bank (NYSE: FBP) filed the foreclosure lawsuit on June 10 against Doral 368, along with managing members Oscar A. Garcia, Danny Correa, Fernando S. Aran and Jorge M. Guarch Jr., according to Miami-Dade County Circuit Court records.
FirstBank granted a $46.4 million mortgage in 2005 for the developer to convert the 368-unit complex, at the northwest corner of Northwest 79th Avenue and Northwest 48th Street, from apartments to condos. It was built in 1972.
In 2008, the developer got the mortgage modified at $11.6 million with 138 units remaining. None have been sold since.
West Palm Beach attorney Scott B. Newman, who represents FirstBank in the lawsuit, did not immediately return a call seeking comment.
Garcia, Correa, Aran and Guarch also were named as guarantors of a foreclosure lawsuit that Bank of Miami filed over the Southgate Gardens apartment complex in Tamarac. They turned the property over to the bank in 2009 in a $9.1 million deed in lieu of foreclosure in exchange for a release of their personal guarantees.
Deerfield retirement community faces foreclosure
A Deerfield Beach retirement community in a mobile home park could be seized by a commercial mortgage backed-securities (CMBS) fund.
U.S. Bank, as a trustee for a CMBS fund originated by Merrill Lynch, filed a foreclosure lawsuit April 28 against Tidewater Estates Co-Ops, the owner of the 82-home park of the same name. It is located at the northeast corner of Military Trail and Northwest Fifth Street – just south of the northern Broward County line.
The 55-plus community has a clubhouse, swimming pool and shuffleboard court. It is owned by a cooperative in which residents are shareholders. Homes can be bought or rented.
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