Thursday, June 9, 2011

Regions Bank escalates foreclosure activity - Atlanta Business Chronicle:

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On May 27, the Ala.-based bank won a $21.4 million foreclosure judgment against QuailHunter Trail, the developef of the Enclave at Blacj Point Marina in southern Miami-Dade The development site, on the northern side of Homestead, spanz south of Old Cutlerr Road to Silver Palm Drive (Southwest 232ndc Street) along the east side of Florida’s Turnpike. The developere built a handful of the 240 homese it obtainedapproval for, but none have been sold, accordinvg to court records. The Enclavee at Black Point Marina is scheduled for publi c saleon Oct. 9 at 11 a.m. in the Miami-Dader County Courthouse.
Regions Bank targeted another project insouthern Miami-Dads on May 3 when it filed a foreclosure action againstt South Miami-based Coconut Palm Estates LLC and managing membefr Carlos DeLeon. That lawsuit involves a $6 million mortgage made in 2007 coverinyg the Coconut Palm Estates with plans for10 single-family homes in a cul de sac on 3 acre at the northwest corner of Southwest 96th Street and Southwestr 72nd Avenue in Pinecrest. There is no evidencde in county records of construction gettingunde way. Fort Lauderdale-based attorney Arthur H. Rice, who represents Regions Bank inthat lawsuit, did not immediately returnb a call seeking comment.
In Palm Beachn County, Regions Bank filed a foreclosure lawsuit on May 28againsyt Rockledge-based Gun Club LLC and managing membetr Nick N. Rahal based on a $4 millionm mortgage issued in 2006. The lawsuity targets a 6.9-acre site along Gun Club Road, just west of Soutbh Military Trail in an unincorporated part of the Court records show it holds entitlementsfor 40,112q square feet of commercial but there were no records of development taking Nicholas Rahal, the head of Rockledge-based , said Gun Club LLC is not ownecd by him, but by his son of the same He added that the site was planned as a but the dealer backed out. His son was not immediateluy availablefor comment.
West Palm Beach-based attorneh Michael J. Posner, who represents Regions Bank in the did not immediately return aphonw message.

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