The real estate market in South Florida began to cool off about two years ago and some developers and investors experienced some harsh financial difficulties.
Banking survey recently reported that South Floridian financial institutions were ready to face the troubles ahead. A very large foreclosure was filed by Ocean Bank this week in Palm Beach County against the developers of a Boca Raton condo conversion. The $ 50 million dollars lawsuit is directed against NRW development and six individuals involved in the transaction.
NRW was in the middle of a condo conversion process of a 40 year old apartment complex formerly known as Lakeview apartments. Ocean bank is Florida's largest independent commercial bank with almost $6 Billion in assets. Ocean bank now has a significant hole in its 4.5$ loan portfolio.
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