Renaissance Commons
Wells Fargo plans to seize the commercial section of Renaissance Commons on Boynton Beach in South Florida’s biggest foreclosure case this year, the South Florida Business Journal reported.
The bank filed a foreclosure lawsuit over a mortgage modified in 2008 at $56.6 million. Following the modification, Boynton Development Associates II sold three units for a total of $1.9 million. Total sales in the building at 1 Renaissance Way, near East Gateway Boulevard, then reached 18 units. One of the units was sold to the Greater Boynton Beach Chamber of Commerce.
The developer is named in the suit, along with managing members Anthony Comparato, Carl E. Klepper Jr. and Robert D’Angelo of Boca Raton-based Compson Associates, the publication said.
The lawsuit concerns a mortgage originated by Wachovia Bank in 2004 and last modified in 2008 at $56.6 million. Since that modification, the developer sold three units for a combined $1.9 million, including one to the Greater Boynton Beach Chamber of Commerce. That brought its total sales in the building to 18 units, the report said. [South Florida Business Journal] – Mark Maurer
via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/nllVKrvL7ic/
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