An affiliate of Florida Community Bank sold 27 repossessed condos in Fort Lauderdale’s Isles of Coral Ridge building at a 40 percent discount to their prior mortgage.
FCB REO Commercial, an affiliate of the Weston-based bank (NYSE: FCB), seized the units at 1400 N.E. 56th Street in 2014 after foreclosing on the $3 million mortgage of Coral Ridge Development. The loan was originated by Peninsula Bank, which later failed.
The bank recently sold the property for $1.8 million to Dixie Realty LLC. The buyer, a Brooklyn-based company managed by Ira Epstein, received a $1.1 million loan from Florida Community Bank.