The majority of the office condo units in the Town Center One building in Miami have been targeted for foreclosure.
Wells Fargo Bank, representing a group of lenders, filed a foreclosure lawsuit on Nov. 14 against Dadeland Parcel C LLC, Miami-based Dayco Properties and CEO Franco D’Agostino.
The lenders want to seize 116 units in the office tower, located at 8950 S.W. 74 Court, in the Downtown Dadeland area.
Town Center One was completed in 2009 with help from a $64.8 million mortgage granted the year before. The building has 173 units, but Dayco wasn’t able to sell enough of them to repay the loan, which has about $35.7 million outstanding. The building totals 200,000 square feet.
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