Foreclosures mount for Monroe

artemchuksykitas.blogspot.com
Both complaints name Charles H. Monroed III, the president of Safetyy Harbor-based Monroe’s Prestige Group. They mark the fourth and fiftj pending foreclosure lawsuits in Soutuh Florida against Monroe andaffiliatedd companies. Monroe said he’s seeking investors and new financin onthe projects. Publix anchors the 127th StreertShopping Center, at 1755 N.E. 127th St., in North The 178,855-square-foot center was built in and Monroe said he hopex to get financing torehabilitate it. Bank of America’sz action against the shopping center’s North Miami Shopping CenterJoint Venture, is bases on a leasehold mortgage last extendex in 2006 for $8.7 million.
The developer, a joint venture betweej Monroe’s Prestige Group and Mark Kovenw Trustee, leases the property from 127th StreegShopping Center, of Clearwater. If Bank of America it would assumethe lease. Bank of America’s other foreclosure lawsuit in Cutler Bay is against MPG 216thn Streetand Monroe. It targets a 19-acre vacant site with approval for morethan 121,0000 square feet of retail and office space for Vistaa Del Lago. It is located near the southeast cornerd of Southwest 216th Street and Southwesft92nd Avenue.
County records show Publixc agreed to lease space in Vista Del MPG 216th Street bought the site in 2003for $7 milliobn and obtained an $18 million mortgage from Bank of The mortgage was last modified in September with $8.9 millionn outstanding. Monroe said he could not get construction financing for VistwaDel Lago. “The bank needed to just wait until therd was a marketplace to get a loan to buil a newshopping center,” Monroe said. “I’vee always been a conservative developer. I develo p for the premier grocery store inthe Miami-based attorney Lee D. Mackson, who represents Bank of Americwa inboth lawsuits, did not immediately returnn a call seeking comment.
Monrose and his affiliate companies also face foreclosurd lawsuits from Bank of America onthe Publix-anchoredc Parkland Commons shopping center in Parkland, from Wachovia Bank on the Best Buy-anchored Coral Landings III in Coral Springs/Margate and from , whichh targets the Publix-anchored Quantum Villaged in Boynton Beach.