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Foreclosure On Wynwood Building Resolved With $9.5 Million Deal

A foreclosure lawsuit over a commercial property in Miami’s Wynwood neighborhood has been resolved after a partial sale of the property and a new mortgage.

Elizon DB Transfer Agent LLC filed a foreclosure complaint in October 2020 against 2900 NW 1st Ave BSD LLC and loan guarantor Baruch Singer over an $8 million mortgage. The loan allegedly matured on Sept. 1, 2020, without being repaid.

The borrower owns the 14,442-square-foot commercial building at 2900 N.W. First Ave., apartment buildings of 2,053 and 1,642 square feet at 120 and 112 N.W. 30th St., along with the 28,309 square feet of land they are built on.

Recently, 2900 NW 1st Ave BSD LLC sold a 51% interest in the property for $9.5 million to Big Fan LLC, managed by Douglas Levine in Miami Beach, according to county records. JPMorgan Chase Bank then provided an $11.5 million mortgage on the property, with both owners listed as borrowers.

Elizon DB Transfer Agent withdrew the foreclosure lawsuit and filed notice with the county that the $8 million mortgage was fully repaid.

 

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