FirstBank wins $83.1M Coral Gables foreclosure case

Written by  //  March 21, 2011  //  Banking, Financial District  //  No comments

Old Spanish Village project in Coral Gables. (Credit: South Florida Business Journal)

FirstBank Puerto Rico recently won a foreclosure case worth $83.1 million related to an upscale residential development project located at the heart of Coral Gables, the South Florida Business Journal reported.
The bank won the foreclosure judgment against Ponce Circle Developers, which 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.
That judgment was not enforced against MasTec President and CEO José R. Mas or Sánchez Group President Rafael A. Sánchez, who were named in the complaint and were working jointly on the project’s development.
Old Spanish Village was planned as a $400 million development with 195 townhomes and a 206,000-square-foot office tower. The residential component of the gated community consisted of townhouse style residences “The Villas,” and a mid-rise condominium “El Prado.” The office tower was completed and is not part of the foreclosure, the Florida newspaper reported.
The project is headed to an online auction on May 2.

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