South Beach Condos, South Beach Real Estate

Miami Beach Condos Hit with $79M Foreclosure

The developer of South of Fifth Miami Beach Condos has been hit with a $78.9 million foreclosure action in iStar FM Loans, a subsidiary of iStar Financial (NYSE: SFI), has filed a.

According to Miami-Dade County Circuit Court records complaint, filed October 1^st, is against BR Villa Luisa LLC and guarantors Michael Samuel, R. Ramin Kamfar, Romano C. Tio and Marc Sznajderman. It targets the 25 unsold Miami Beach condos in the 28-unit oceanfront building at 125 Ocean Drive, which was completed this year.

Samuel sold his interest to the other partners in the mixed-use Midtown Miami project. He didn’t immediately return a call and e-mail seeking comment.

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