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Foreclosure Roundup: Dolcevita condo loses $45M foreclosure

The Dolcevita Luxury Oceanfront Condominium in Palm Beach Shores is headed for auction after its developer lost a $44.6 million foreclosure judgment.

Corus Construction Venture, a partnership between the Federal Deposit Insurance Corp. and Starwood Capital that arose from the failure of Corus Bank, won the judgment against PB Shores Ocean Avenue. It concerns a $32.3 million mortgage, plus interest and fees.

Dolcevita is located on 2.7 acres on the beach, at 151 Ocean Ave. The property is scheduled to go to auction Oct. 21.

It has 35 three-bedroom units. They were priced starting at $900,000.

Construction was scheduled to finish in 2007. The building is mostly done, but has not opened.

Renzi’s Sail folds in foreclosure
U.S. Century Bank wants to take the wind out of Pasquale Renzi’s sails by seizing 28 units at his the Sail condominium in Miami.

The Doral-based bank filed a foreclosure lawsuit on Sept. 17 against The Sail LLC, Renzi and Renzi Building. It concerns a $6 million mortgage issued in 2007 on 30 units in the building, at 170 S.E. 14th St., amid the high-rises on Brickell Ave.

U.S. Century Bank released two of the units from the mortgage, but it could seize the rest.

Renzi built the 156-unit Sail in 2006. After the initial wave of sales, he divided the developer-owned units into several blocks the following year and obtained mortgages from different banks on them. Coconut Grove Bank and Arizona Federal have foreclosure judgments against Renzi and The Sail LLC over units there, but U.S. Century Bank’s loan covered the largest block of condos.

An official from U.S. Century Bank, which is represented by in-house attorney Aliette Rodz, did not immediately respond to a request for comment.

U.S. Century Bank has another foreclosure lawsuit pending against Renzi and Renzi Building over an office building in Coconut Grove.

Aventura Commons loses $6M foreclosure
Great Florida Bank won a $6.2 million foreclosure judgment over the site of the stalled Aventura Commons townhome project.

The Miami Lakes-based bank (Pink Sheets: GFLB) won the judgment against Aventura Commons LLC and Bernardo Kopel based on a $3.6 million mortgage, plus interest and fees. The site, at the southwest corner of Northeast 213th Street and West Dixie Highway, is approved for 32 townhomes, but major construction never began.

The property is set for online auction Nov. 3.

Kopel has been named in at least 11 foreclosure lawsuits in South Florida courts.

Residences at the Falls note sold
A joint venture between national homebuilder Toll Brothers and Milestone Merchant Partners has acquired the defaulted loan on the Residences at the Falls condo-conversion project in southwest Miami.

The deal was part of the Federal Deposit Insurance Corp. selling $1.7 billion worth of loans and repossessed properties from the failed AmTrust Bank to the joint venture, Los Angeles-based PMO Loan Acquisition Venture. The FDIC retained a 60 percent interest in the new company.

Lucky Chase II, which owns the remaining 333 units in the complex, at 13888 S.W. 90th Ave., was hit with a $28.9 million foreclosure lawsuit in 2008. The developer, an affiliate of Scott Deaktor’s Pittsburgh-based Deaktor Development, filed for Chapter 11 the following year.

In a Sept. 14 bankruptcy court ruling, the property was scheduled for auction on Nov. 2. The minimum bid is $9 million, which represents what PMO plans to offer for its initial bid.

A previous bankruptcy auction for the property was canceled.

Read more: Foreclosure Roundup: Dolcevita condo loses $45M foreclosure - South Florida Business Journal
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