Downtown Miami Condo

December 16, 2011

Filling station lofts miamiUncompleted Filling Station Lofts heads to auction

The stalled Filling Station Lofts project in Miami is slated for auction after its developer lost a $41.1 million foreclosure judgment.

Versa Capital won the judgment against Filling Station Lofts LLC, which is affiliated with Miami-based Intrepid Group, over a $26.9 million mortgage, plus interest and fees. The loan was originally granted by Ocean Bank in 2005. The loan was sold in 2009 to Versa Capital, which is managed by Nancy K. Galbut.

Several construction vendors tried to force the developer into bankruptcy court to prompt payment, but that attempt failed.

The partially completed 17-story project, at 1650 N.E. Miami Court, is set for auction Jan. 12. The 100 units were 1,000 to 4,000 square feet with high ceilings. The plans for Filling Station Lofts included a swimming pool, hot tub, sundeck, indoor basketball court and fitness center.