Owners seek loan to avoid ‘fire sale’ of condo
Frustrated and angry homeowners of the hurricane-ravaged 1515 Tower condominium are scrambling this week to get a construction loan so they aren’t forced to sell the West Palm Beach high-rise at a fire-sale price.
Rather than just take the money two suitors are offering for the waterfront condo that was severely damaged by hurricanes in 2004, they have asked attorneys to search for a loan to cover the estimated $30 million they need to restore the 30-story building along South Flagler Drive.