Southwest Miami-Dade Land Sells At 81% Discount

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

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