Great Florida Bank has sold a development site in Aventura to an affiliate of Weitzer Communities for 17% off its foreclosed mortgage, reports South Florida Business Journal.
The bank seized the property in 2010 after foreclosing on Aventura Commons’ $3.6 million mortgage.The previous developer, led by Bernardo Kopel, planned 32 townhomes there, the newspaper reports.
Great Florida Bank recently sold the property for $3 million to Weitzer Aventura, which is managed by Harry Weitzer. The bank provided $2.4 million in seller financing, according to the publication.