A foreclosure judgment of $33.7 million was given to Great Florida Bank over the stalled Arden Park residential project in Hollywood.
On February 11th, Great Florida Bank, based in Miami Lakes, won the judgment against Miami real estate project, Arden Park LLC, formerly known as Coscan Shefaor.
The Miami real estate project span over 33 acres and was a partnership between Aventura based Shefaor Development and Fort Lauderdale based Coscan Homes.
Located at 3499 Stirling Road, the site is set for public sale on April 13 at 11 a.m. in the Broward County Courthouse.
N 2005, the developer bought the property for $10.8 million when it was a mobile home park. A year later Great Florida Bank approved it for a $26.6 million mortgage. In anticipation of building more than 153 single-family homes, the developers removed the residents and cleared the site. The sellout value of the project was listed on Shefaor Development’s Web site at $246.5 million.
In February, however, home construction did not start before Great Florida Bank sued the developer.
Contributed by MLR Realty
