One of the largest real estate foreclosure auctions in southern Florida has been scheduled for online bidding.
According to a report in the South Florida Business Journal, the $262.1 million foreclosure judgment against the Paramount on the Bay Condominium in Miami is headed for an online auction on May 10. The 346-unit, 47-tower property is nearly completed, but no units have been sold. Boca Raton, Fla.-based RPC Holdings had secured a $220.9 million mortgage in 2006 from Corus Bank and iStar Financial, plus a $30 million mezzanine loan from Babcock & Brown; iStar acquired full control of the loan when Corus went out of business in 2009.
The condominium property is built on the site of a house that was used in the 1998 film ‘There's Something About Mary.’ The house was damaged in 2008 when a crane collapsed, killing two construction workers and injuring five others.
SOURCE: South Florida Business Journal
