FirstBank sells off Ft. Lauderdale properties, at 62% discount

Written by  //  May 18, 2011  //  Banking, Financial District  //  No comments

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One of the two commercial properties FirstBank Puerto Rico sold in Fort Lauderdale. (Credit: Google Maps)

FirstBank Puerto Rico recently sold a couple of office buildings in Fort Lauderdale for $2.3 million, or 62 percent off their foreclosed mortgage value, according to the South Florida Business Journal.

The San Juan-based bank seized the commercial properties in February, after winning a lawsuit it filed seeking more than $6 million in owed mortgage payments. The buildings offer more than 40,000 square feet of office and retail space to Fort Lauderdale-based tenants.

The bank sold the properties to Montreal-based Canam Oakland Properties for $2.3 million last month.

In recent months, FirstBank, a subsidiary of First BanCorp, has been actively pursuing foreclosure cases in Florida, where in March it won a foreclosure case worth $83.1 million related to an upscale residential development project located at the heart of Coral Gables.

The bank won the foreclosure judgment against Ponce Circle Developers, who headed the construction of the mixed-use Old Spanish Village Project in Coral Gables. The bank will get $60.1 million in mortgage payments, plus interest and fees.

The project was slated to be auctioned earlier this month.


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