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New Apartments at $3.2 Million Miami Site

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by Isaac Benmergui, Esq on May 2, 2012

Mercantil Commercebank has to be one happy lending institution. The 1.7 acre site it repossessed at 950 Red Road in Miami, on a $2.8 million mortgage, had gone into foreclosure. Recently the Coral Gables-based bank procured a buyer for the site at $3.2 million.

Roland Di Gasbarro of Windsor Capital Corporation purchased the site and wants to build apartments. Gasbarro stated that the property is zoned for 180 apartments, and Windsor is now seeking to secure construction financing.

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The law offices of Isaac Benmergui can help you with your commercial legal real estate needs; call 780-800-2510 or email for more information or to set up an appointment today.