The Promenade at Doral II is scheduled for public sale after its lenders won a $67.5 million foreclosure judgment.
The planned community of 771 garden villas, along Northwest 83rd Street in Doral, is set for foreclosure auction on Feb. 18 at 11 a.m. Construction stalled before it was completed.
The judgment was based on a $52.4 million outstanding mortgage plus interest with Wachovia Bank as the main lender and Comerica Bank and Franklin Bank as participating lenders.
Promenade at Doral II LLC is an affiliate of Boca Raton-based EB Developers. It is one of six foreclosure lawsuits to hit one of EB Developers’ projects in the past 18 months.
(by Brian Bandell | South Florida Business Journal)
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