A vacant site in Miami’s Wynwood neighborhood is the target of a $2 million foreclosure lawsuit.
City First Mortgage Corp. filed the foreclosure lawsuit against 5058 NW 26 ST LLC. No individuals were named in the complaint. The lender aims to seize the 10,400-square-foot site at 58 and 60 N.W. 26th St. It’s on the eastern edge of Wynwood, just west of North Miami Avenue, and directly south of where the Bradley Wynwood apartments are under construction.
The company bought the property for $3.2 million in 2019 and obtained a $2 million mortgage from the lender, with a maturity date of Jan. 1, 2020, and a 9.75% interest rate. In 2018, it sold for $2.3 million, and in 2015 it traded for $649,5000 – another example of the explosive growth in property values in Wynwood.
According to the complaint filed March 3, it defaulted after missing the maturity payment on Jan. 1. The full $2 million in principal, plus interest, is due.
In 2017, under the previous owner, the site was approved for 15 apartments and 1,339 square feet of retail space.
Attorney Moshe Rubinstein, who represents City First Mortgage in the case, couldn’t be reached for comment.
Wynwood has transformed from an industrial area to a center for street art, bars and entertainment – at least before coronavirus forced the closure of many of those businesses. New zoning codes have spurred a construction boom in the neighborhood, with many apartments and office buildings.
The 5058NW26ST property is too small for a major development by itself. The owner probably needed to assemble neighboring sites. It has a single-family home on one side, county-owned housing on the other side, and a 3-year-old retail building with a brewery behind it.