The San Michele, a West Palm Beach condo conversion is facing foreclosure on their 182 unsold units. The 182 unsold units in the San Michele condo conversion in West Palm Beach face foreclosure.
Regions Bank, based in Birmingham, Alabama, filed foreclosure last week against Lucky Chase III. Lucky’s managing member, Scott Deaktor is also a target of the lawsuit, in which Regions Bank is seeking $15 million plus interest and taxes.
Originally, Regions granted Lucky Chase III a mortgage of $45.5 million in 2005. The developer used the funds to convert the 300-unit property into luxury condos, complete with a community clubhouse, swimming pool, tennis court, volleyball court and children’s playground. 118 units have been sold since 2005, but only a total of 7 units have sold this year.
Unfortunately, for Deaktor, this is his second foreclosure lawsuit, as AmTrust Bank also filed suit against him and his company Lucky Chase II. In October 2008, AmTrust filed foreclosure over 333 unsold units at a building called the Residences at the Falls – another condo conversion, located in Miami-Dade County. This April, Lucky Chase II filed for Chapter 11 bankruptcy.
To find South Florida condos, contact Roman Pavlik either via email Roman@PavlikGroup.com, or on his website SouthFloridaRealtySource.com.