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Recently Built Condo In Miami’s Wynwood Hit With Foreclosure Lawsuit

The recently completed Wynwood Atriums condominium in Miami could be seized in a $4.7 million foreclosure lawsuit.

Triumph Capital Partners LLC filed a foreclosure complaint June 28 against 136 NW 26 St Project LLC, along with loan guarantors Hernando Anthony Carrillo and Sherry Johnson Carrillo. It targets the 32 residential condos and the two ground-level commercial condos at 136 N.W. 26th St.

The five-story building was completed a few weeks ago. None of its units have sold, according to county records.

All of the residential and commercial units in the building had been presold, and none of the buyers have sought to back out of their contracts, said Coral Gables-based attorney Bruce M. Bounds, who represents the condo developer.

Construction was delayed by the Covid-19 pandemic. A shortage of construction workers and supply chain challenges delayed the arrival of crucial building materials for months, but the condo is now functionally complete, he said.

The developer secured a $5.5 million mortgage in 2019. According to the lawsuit, the borrower defaulted on the loan by failing to make payments from Feb. 28 onward, and owes $4.7 million in principal, plus interest and fees.

Source:  SFBJ

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