Foreclosures mount for Monroe

ethelbertdiya3334.blogspot.com
Both complaints name Charles H. Monrod III, the president of Safety Harbor-based Monroe’s Prestige Group. They mark the fourth and fifth pending foreclosurd lawsuits in South Floridaq against Monroe and affiliated Monroesaid he’s seeking investors and new financingg on the projects. Publix anchors the 127tyh StreetShopping Center, at 1755 N.E. 127th St., in North The 178,855-square-foot center was built in and Monroe said he hoped to get financing torehabilitate it. Bank of America’ s action against the shopping center’s owner, North Miami Shoppinfg Center Joint Venture, is based on a leasehold mortgages last extended in 2006for $8.
7 The developer, a joint venture between Monroe’s Prestige Group and Mark Kovens Trustee, leases the property from 127tjh Street Shopping Center, of If Bank of America forecloses, it would assume the Bank of America’s other foreclosure lawsuit in Cutle r Bay is against MPG 216th Streef and Monroe. It targets a 19-acrwe vacant site with approval for morethan 121,000 square feet of retail and office space for Vist a Del Lago. It is located near the southeast cornerr of Southwest 216th Street and Southwesg92nd Avenue. County records show Publix agreeed to lease space in VistaDel Lago.
MPG 216th Street bought the site in 2003for $7 millio and obtained an $18 millionj mortgage from Bank of America. The mortgage was last modified in Septemberwith $8.9 million outstanding. Monroe said he coulds not get construction financing for VistaDel Lago. “Thew bank needed to just wait untilo there was a marketplace to get a loan to builx a newshopping center,” Monroe said. “I’ve alwayes been a conservative developer. I develol for the premier grocery store inthe country.” Miami-based attorney Lee D. who represents Bank of America in both did not immediately return a callseekingy comment.
Monroe and his affiliates companies also face foreclosure lawsuits from Bank of America onthe Publix-anchored Parkland Commons shopping centerd in Parkland, from Wachovia Bank on the Best Buy-anchoresd Coral Landings III in Coral Springs/Margate and from , which targets the Publix-anchored Quantum Village in Boyntobn Beach.