Miami Bank Files Foreclosure On 234 Units

Notices Were Delivered On Christmas Eve

Great Florida Bank filed foreclosure notices on three separate projects on Christmas Eve. Two of the projects, Cutler Gardens and Kendall Lake Towers, were condo conversions originally approved in 2006 while the third project was a commercial condo called Perrine Industrial Park. The three mortgages were originally valued at around $33 million, roughly one-third of Great Florida Bank's $96 million in non-performing loans. The Cutler Gardens project was the biggest drag on the bank's portfolio, as only 10 of the 215 units were ever sold by the developer. Great Florida Bank is filing for foreclosure on the remaining 205 unsold units. While up significantly from a 2008 intra-day low of 59 cents, GFLB shares are down almost 20% from a year ago.