BB&T Takes 32% Loss in Sale of Bentley Bay Condo Retail Space
Apr 06, 2012 April 06, 2012
According to a South Florida Business Journal report, Bentley Bay Condo retail space in South Beach sold for 32% less than the mortgage value in a "short sale" type of deal with Branch Banking & Trust, the lender.
The bank took over 3 retail units in the ground floor of Bentley Bay Condo in South Beach in 2011 after foreclosing on a $4.7M mortgage. The new purchaser, Bentley Bay Retail, just picked the units up in March for $3.19M.