Foreclosure sought against 164 unsold condos in Greenacres
The 164 unsold condos in the Palm Hills condo conversion project in Greenacres could be seized in a foreclosure lawsuit.
Miami-based First Capital Services filed a foreclosure lawsuit on March 4 in Palm Beach County Circuit Court against West Palm Beach-based Palm Hill Investments, which bought the 385-unit complex in 2006. Palm Hills is near the northeast corner of Forest Hill Boulevard and South Haverhill Road.
After obtaining a $36.7 million mortgage from First Bank Puerto Rico in 2006, Palm Hill Investments sold 221 units there, with the most recent closing in October health insurance. That same month, First Bank assigned the mortgage to First Capital Services.
Miami attorney Brian Stack, who represents First Capital Services in the lawsuit, said $4.6 million was due under the mortgage when it matured.