A 24,259-square-foot retail building on South Beach’s famed Lincoln Road at 318-334 Lincoln Road has been targeted in a $15.13 million foreclosure lawsuit.
Wilmington Trust, as trustee for a securitized mortgage trust, filed a foreclosure complaint on Jan. 30 against 318 Lincoln LLC.
The borrower, RFR Holding Corp., acquired the property for $20.5 million in 2019 and obtained a $17 million mortgage that was securitized as part of a mortgage trust. According to the lawsuit, 318 Lincoln LLC defaulted on the loan by missing payments in November and December 2023 and owes $15.13 million in principal, plus interest and fees.
Source: SFBJ