Florida marina faces foreclosure
Wilshire Marina in Hollywood, Fla., may face foreclosure over a mortgage made for $22.7 million in 2006, according to a Feb. 8 report in the South Florida Business Journal.
New Orleans-based Gulf Coast Bank & Trust Co. filed the action on Jan. 13 against Wilshire Marina, LLC and its managing members R. Jeffrey Arnold, Paul D’Agnese, and Taraneah Sirang, according to Broward County Court records.
The 22-slip marina along the Intracoastal Waterway was purchased in 2006 for $18 million. The owners replaced a pier that had been damaged by Hurricane Wilma and two years later, demolished a restaurant that had served as the site’s only major building.
The $22.7 million mortgage came from Alpharetta, Ga.-based Integrity Bank, which failed in 2008. Last September, the Federal Deposit Insurance Corp., acting as a receiver for certain assets of Integrity Bank, sold the Wilshire Marina loan to Gulf Coast Bank & Trust.
Date: February 17, 2010
Categories: Industry News
