South Beach Shops hit with $3M foreclosure

A has filed a $3 million foreclosure lawsuit against the owner of a Miami commercial real estate building on South Beach by FirstBank Puerto Rico.

According to Miami-Dade County Circuit Court records, the bank filed the action on November 24th against the Miami commercial real estate property owned by South Collins Property Investment LLC, Raymond Mitri and Dani Mitri. FirstBank plans to seize the 7,881 square-foot commercial building at 919 Collins Avenue.

The building was bought by South Collins Property for $1 million in 2003. The bank then granted the developer a $2.9 million mortgage on the site in July 2008.

The Miami commercial real estate property is home to clothing store Oyuki, which wasn't named in the complaint.

The Miami attorney that represents FirstBank in the lawsuit, Michele Softness, didn’t immediately return a call seeking comment.

Contributed by MLR Realty