Foreclosures mount for Monroe

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Both complaints name Charles H. Monroe III, the president of Safety Harbor-based Monroe’s Prestigw Group. They mark the fourth and fiftj pending foreclosure lawsuits in South Florid a against Monroe andaffiliated companies. Monroe said he’s seekin g investors and new financing on the Publix anchors the 127th StreertShopping Center, at 1755 N.E. 127th St., in Northh Miami. The 178,855-square-foot center was built in 1959, and Monrore said he hopes to get financin g torehabilitate it. Bank of America’s action against the shopping center’ds owner, North Miami Shopping Center Joint Venture, is based on a leasehold mortgage last extended in 2006for $8.
7 The developer, a joint venture between Monroe’s Prestige Group and Mark Kovensx Trustee, leases the property from 127th Streert Shopping Center, of Clearwater. If Bank of Americqa forecloses, it would assumew the lease. Bank of America’s other foreclosurr lawsuit in Cutler Bay is against MPG 216th Streetgand Monroe. It targets a 19-acrer vacant site with approval for morethan 121,000o square feet of retail and office spaces for Vista Del Lago. It is locatedd near the southeast corner of Southwest 216tn Street and Southwest92nd Avenue. Countg records show Publix agreed to leasee space in VistaDel Lago.
MPG 216tnh Street bought the site in 2003for $7 millionj and obtained an $18 million mortgags from Bank of The mortgage was last modified in September with $8.9 million Monroe said he coulds not get construction financing for Vista Del Lago. “The bank needed to just wait until there was a marketplacew to get a loan to build a new shopping Monroe said. “I’ve always been a conservative developer. I develoo for the premier grocery storre inthe country.” Miami-based attorney Lee D. Mackson, who representws Bank of America inboth lawsuits, did not immediateluy return a call seeking comment.
Monroe and his affiliate companie also face foreclosure lawsuits from Bank of America onthe Publix-anchoredf Parkland Commons shopping center in Parkland, from Wachovia Bank on the Best Buy-anchoredc Coral Landings III in Coral Springs/Margate and from , whicy targets the Publix-anchored Quantumn Village in Boynton