Ethiopian Review

The 34-story 55 West on the Esplanade condominium tower in downtown Orlando is scheduled to be sold in a court-ordered foreclosure auction on Oct. 16.

SNSPF Interim Finance B.V., the Dutch lender that financed the project, completed foreclosure on the tower this week. SNSPF is claiming that the developer, 55 West on the Esplanade Joint Venture, owed $239 million in construction financing.

SNSPF took control of the project last year. It filed to foreclose in January on Euro Ameican Advisors, the general partner in 55 West on the Esplanade Joint Venture. The lender brought in another developer to complete work on the tower, which was orgininally designed to contain 405 condos.

Faced with a moribund condominium market, SNSPF said this summer it would lease units in the building.

Lenders are able to apply what they are owed as credit in foreclosure auctions, making them the likely high bidder in cases where a property is worth less than the debt. In the 55 West sale, SNSPF would be the likely buyer.

- Orlando Business Journal