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Vacant Property In Miami’s Wynwood Faces Foreclosure

A vacant site in Miami’s Wynwood neighborhood is the target of a $2 million foreclosure lawsuit.

City First Mortgage Corp. filed the foreclosure lawsuit against 5058 NW 26 ST LLC. No individuals were named in the complaint. The lender aims to seize the 10,400-square-foot site at 58 and 60 N.W. 26th St. It’s on the eastern edge of Wynwood, just west of North Miami Avenue, and directly south of where the Bradley Wynwood apartments are under construction.

The company bought the property for $3.2 million in 2019 and obtained a $2 million mortgage from the lender, with a maturity date of Jan. 1, 2020, and a 9.75% interest rate. In 2018, it sold for $2.3 million, and in 2015 it traded for $649,5000 – another example of the explosive growth in property values in Wynwood.

 

Source:  SFBJ

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