Lee County Fl Commercial Foreclosures information from the SWFL REIA

Its been a while since anything to do with foreclosures has been newsworthy. Coast Town Center recently had a Lis Pendens filed against it.The numbers involved are huge. The attorney and (if it goes into receivership) receiver fees would be huge. This will be an interesting case to watch. With the numbers involved. All parties have plenty to lose and many times these things work themselves out. I (Jeff Tumbarello) have been part of a team that did some note sales on Commercial Foreclosures in SWFL. These types of actions are very complex.

At the SWFL REIA we prepare two monthly reports. One that discusses the Lis Pendens and Certificate of Title trends. Another that discusses the foreclosure backlog.

Wink News ran a story in which our Corporate Sponsor was quoted:

“I would say it’s probably one of the biggest commercial foreclosures we’ve had in Southwest Florida,” said attorney Kevin Jursinski.

Jursinski says businesses in the shopping center will likely not be affected.

“During the interim nothing happens wherein a foreclosure for example on a house they may want to get rid of the tenant, get rid of the owner and eliminate everybody but in this case the lender’s goal is to try to preserve and protect the collateral and the ongoing business,” said Jursinski.

He says a court appointed receiver would likely be placed in charge and leases would not be affected.

Here is some background on this case.  GULF COAST TOWN CENTER CMBS LLC obtained a $190,800,000 Mortgage from Key Bank National Association. It was recorded on 6/22/2007. The market has experienced downward change since this debt was issued.

The Foreclosure Complaint was filed 9/9/2015.

There is a list of Plaintiffs:

WELLS FARGO BANK NA TRUSTEE
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SE
CIII ASSET MANAGEMENT LLC
CENTERLINE SERVICING INC

 

You can watch the court case with this link

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