Miami Condo Market and Lifestyle Updates
BB&T Takes 32% Loss in Sale of Bentley Bay Condo Retail Space

BB&T Takes 32% Loss in Sale of Bentley Bay Condo Retail Space

by Sep Niakan | 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.

SFBJ article

 

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