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BOA filed $20 Million Condo Foreclosures Case

by cassy82 | October 19, 2009 at 07:46 am

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Bank of America has filed a $20 million condo foreclosures case on developers of a condominium complex in Florida. The case was a result of nonpayment of last year’s property taxes and $22.4 million loan principal, plus interest and late fees.

Chicago, Illinois developers MCZ/Centrum Florida XIV LLC are facing a condo foreclosures case at the Circuit Court of Manatee County in Florida. The case was filed by Bank of America (BOA) accusing the developers of defaulting the almost $44.8 million in loans they used to purchase the condominium complex, Serenata Sarasota located in the southern region of Manatee County.

BOA is seeking to repossess 64 condominium units which is a result of the joint venture between MCZ Dev. Corp. and Centrum Properties. Additionally, BOA is requesting for a receiver to be appointed by the court to manage and operate the 240 condominium complex.

According to condominium complex officials, the two developers have actually reached an amicable agreement that they hope would resolve the condo foreclosures lawsuit. They said that the case will not have any adverse consequence on the condominium association nor the sales and closings.

By Cassiano Travareli