Boca condo faces foreclosure [South Florida]
In the clearest sign yet that the region’s real estate boom has ended, Miami-based Ocean Bank confirmed Wednesday that it has filed a $50 million foreclosure action against the developers of a Boca Raton condo conversion.
The foreclosure may be the largest filed in Palm Beach County since the red-hot residential real estate market began cooling early last year. And analysts say it’s a precursor of things to come as the lenders who fueled the frenzy with easy-to-get loans continue to tighten the purse strings.
“It’s probably just the tip of the iceberg, the first of many more to come over the next couple of years,” said Jack McCabe of McCabe Research and Consulting in Deerfield Beach.
Ocean Bank said NRW Development LLC, a South Florida real estate development firm, and six individuals owe $50 million on a condo conversion known as Villa Mare Beach & Yacht Club Residences, a 40-year-old apartment complex formerly known as Oceanview/Lakeview apartments.