Granada Park land sells for $47500 per lot ... - Inside Real Estate

By Michael Braga (email)

Sald Acquisitions LLC, a Sarasota company managed by Michael Hric, has purchased 10 vacant lots at 1767 McKenzie Lane in Sarasota out of foreclosure from Fifth Third Bank for $475,000, or $47,500 per lot.

The land previously belonged to Granada Park LLLP, a Sarasota company managed by William E. Maddox, who lost a $3.6 million foreclosure judgment to Fifth Third in November 2009.

Granada Park borrowed $4.9 million from Fifth Third in March 2005?to develop West of the?Trail?land purchased for $3.1 million the year before.

Granada Park later built and sold 10 detached condo units on the property for $270,000 to $380,000 apiece and paid down its debt before defaulting on its loan in February 2009.

Tags: Granada Park LLLP, Michael Hric, Sald Acquisitions LLC, William E. Maddox

This entry was posted on Friday, July 8th, 2011 at 5:09 am and last updated at Saturday, July 2nd, 2011 at 6:17 pm.

Source: http://insiderealestate.heraldtribune.com/2011/07/08/granada-park-land-sells-for-47500-per-lot/

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