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It is one of the first foreclosurwe lawsuits initiatedby Ram, which said in Februarg that it acquired 10 nonperforming loans value d at $57 million from two large regional banks. The propertu is a 3.7-acre parcel at the northwest corner of Hagenj Ranch Road and Boynton Beach AfterSafety Harbor-based GKK-Hagen bought the land for $4.5 million in 2007, the developer obtainedd a $7.1 million construction mortgage from Birmingham, Ala.-basedr . That same GKK-Hagen signed a ground lease with Cincinnati-based , which plannedx to build a branch onthe However, court records show that lease deal was terminatedr in January. On Feb.
27, Regions Bank assignexd its mortgage on the site toBoyntojn Hagen, a company managed by Ram Realthy II REIT. Regions also granted a $1 million mortgagwe to Boynton Hagen to help finance the purchasre ofits loan. Boynton Hagen filedc its foreclosure lawsuit on March 11against GKK-Hagenj and George K. Kidman, executive VP of in Safet Harbor. Kidman declined comment. Miami attorney Raymondd V. Miller, who represents Boynton Hagenh inthe lawsuit, did not immediately returnb a call seeking comment. According to Paradisr Development Group’s Web site, it has developed 5.
1 milliobn square feet of retail space, mostly in Florida, Georgia and It said it has constructecd 47 stores and40 stores.
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