Miami condos for sale, Miami real estate

Downtown Miami condos in court

On Thursday, Bank of America, who's owed $205 million by Cabi Downtown LLC for construction loans, will be in bankruptcy court to hear a ruling by the judge on the bank's motion to dismiss the reorganization or modify the so-called automatic stay to permit foreclosure of the 49-story Everglades on the Bay Miami condos for sale.

Some of the 244 units under lease the bank says were rented in violation of the owner's own standards. The motion alleges that 49 units were rented to individuals without any background or credit check and 42 units were rented to people with substandard credit scores, and nine of the Miami condos for sale are occupied by convicted criminals

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South Beach real estate, Miami Commercial real estate

Capmark files for bankruptcy, Miami Commercial Real Estate

Capmark Financial Group, one of the nation's largest lenders of Miami commercial real estate lenders, has filed for bankruptcy protection accompanied by mounting bad debt.

Capmark has provided loans for many south beach real estate projects and developers in South Florida, including Dennis Stackhouse and AWE Talisman.

The firm said that the motions they filed will allow them to continue paying vendors and salaries, and that it should not impact the way Capmark does business with its customers and partners.

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Wall Street Bailout, Miami Beach Real Estate

Scott Pelley reports on the mortgage crisis that's far from over, with a second wave of expected defaults on the way that could deepen the bottom of the U.S. recession.

Lehman Brother's Bancruptcy, Miami Real Estate

Miami Real Estate Developers Impacted by Lehman Bankruptcy

Lehman Brothers filed for the largest bankruptcy in history Monday, dwarfing WorldCom Inc.’s insolvency in 2002 and Drexel Burnham Lambert’s failure in 1990.

South Florida was greatly impacted when Lehman Brothers, a lender most large real estate developers would turn to for high-end projects, filed for bankruptcy protection.

The Lehman Brothers bankruptcy has left behind billions in debt, including millions in Miami. Lehman bankrolled some of South Florida's biggest real estate projects such as Miami Beach’s Canyon Ranch resort, the Riande Hotel chain, the Donald Trump condo tower under way in Hollywood and the Related Group’s Icon Brikell on Biscayne Bay. City and county governments also invested heavily in Lehman.

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Florida Real Estate Developers File Bankruptcy

Two South Florida real estate developers filed for protection under Chapter 11 last week.

315 LLC, the developer of Fort Lauderdale's Strada 315 condo filed for Chapter 11 even after selling 48, about 40 %, of the 117 units in the two months since completing construction. Strada 315 LLC of Delray Beach was denied an extension of a $34.8 million dollar construction loan by Regions Bank on the project at 315 NE Fourth Street in Flagler Village. The builder is affiliated with Delray Beach's Southpoint Realty Development.

Surfside-based Beach House Property LLC, which is connected to Beach House Designed by Richard Meier, at 9449 Collins Ave., filed for Chapter 11 bankruptcy protection on Friday. The 101-unit condo was to break ground on the property of the Beach House Hotel last year.

The company owes its 20 largest unsecured creditors $4.6 million dollars.

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