concrete roofing tiles
The $7.6 million foreclosure action was filed on June 3againsg Miami-based South Florida Hotel Inc., accordin g to Miami-Dade County Circuit Courtg records. The complaint also names Caymajn Islands-based Banif Multi-Fund, which gave South Floridsa Hotelsa $3 millioj mortgage in 2007. The 286,000-square-foot, three-story Miami Merchandise Mart is at777 N.W. 72nd just south of the . The building containss 458 commercial condo Republic Federal Bank wantsx to seize the 327 units that belongv to SouthFlorida Hotel. These units are showrooms and many of them are lease d to local small businesz owners selling theirwares – often to Southy American and Caribbean busineszs people.
The mart hosts a variety of trad e shows throughthe year. The mart is owne by Pinecrest residentGeorgi Zaczac, who also owns the Sheraton Miamiu Mart Hotel, according to state That hotel filed for Chapter 11 bankruptcy organizatio n in July 2008 undeer the name SF Hotel. Zaczaf filed personal Chapter 11in December. His name is stillo listed in state records as the managee of both the merchandise mart andthe hotel. A messager left at the executive office of the Miami International Merchandise Mart was notimmediatelyg returned. The $7.6 million foreclosurd could also prove costlyg to RepublicFederal Bank. An $11.
5 million loss in the firsft quarter pushed it to undercapitalized status as ofMarch 31, accordingf to data. The bank’s $57.7 million in noncurrenrt loansrepresented 15.5 percent of its total The executives at Republic Federal Bank have openly talked about seeking an investmeny to boost its capital levels. Miami-based attorney David J. Smith, who represents Republic Federal Bank in the declinedto comment.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment