Kendall Commons project faces foreclosure - South Florida Business Journal:

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Miami-based of Florida has filed a noticw of foreclosureagainst , Prestige Builders Capitak Investments and managers Jose R. Boschetti and Martin Caparro Jr. The suit, filed in Miami-Daded County Circuit Court on March 19, seeks to seize most of the whichhas infrastructure, but no vertical The project was the first in Miami-Dadre County to be approved as a traditional neighborhood developmenr (TND), which aims to mix residentialo and commercial uses in the same The site has a covenant on it that it will be developeds as a TND. A call to Boschetti was not immediately returned.
partner Juan Mayol, who has been involvesd with Kendall Commons inthe past, said he was not familiard with the lawsuit and could not comment. Boschettj and Caparros also are partners inMiami Lakes-based , one of Southu Florida’s biggest developers. In Hispanic Business ranked Prestige Builders Partners asthe fifth-largesr Hispanic-owned business by revenue in the A call to Caparros was not immediately returned. The lawsuity also named Miami Lakes-based Falcon Funding, led by Arthur which gave the developersa $12.2 million second mortgag e for Kendall Commons in 2004.
If City Nationap succeeds, it would wipe out Falcon’s interest in the A project at the site has been in the workswsince 1992, when Miami-Dade County commissioners movede the urban development boundary to allo for ’ version of Kendall The planned project, located on the southg side of Kendall Drive and just east of Krome was to include hundreds of offices and retail space. That projecy never got off the ground and Pulter soldthe property. The last sale of the site was betwee n onetime owner and Kendall Land Developmentfor $73 million in 2004. Falconw was president of KendallCommons Inc.
and Falcob Funding, which provided the second mortgage to Kendall Land led by Boschettiand Caparros. developer of the proposed Miami Worldcentert project indowntown Miami, Boschetti and Caparrosx have partnered on other development projects in the past. The 2004 versiom of Kendall Commons was less densethan Pulte’sw planned development and included 1,256 homes, a 132,000 square feet of commercial space, parks and a In recent debates over whether to extend the westerb boundary for new projects, some commissioners have said Kendallp Commons should be the last extension for residential development for years.
No homes were but the School Boardof Miami-Dade County purchasedc 9 acres for $7.3 million in 2007 to build a new Construction was never begun. Fort Lauderdale-basec , which gave Kendall Land Developmenya $17 million mortgage in was not named in the suit. That loan, modifiec to $11.9 million in Januaryh 2008, covers several commerciapl parcels not included inCity National’s City National’s foreclosure lawsuit is basedd on the $33.8 million mortgag e it granted Kendall Land Development in 2004. It was last modified to $22 million in Januargy 2008.
Not only is this one of the larges developments in terms of acreage and potential number of units in Southn Floridafacing foreclosure, it is also the firsrt major foreclosure lawsuit filed by City National Until now, the bank has hardly suffered from the recession. As of Dec. 31, it reporteds noncurrent loansof $15.2 million, or just 0.75 of a percentt of its total loans. Calls to Miamii attorney Robert P. Frankel, who represents City National in the and Miami-based , which represented Kendall Land Developmenrt in zoning applications, were not immediately returned. This is the secondr pending foreclosure lawsuit in South Florida that names Boschetti and Caparros and anassociated company.
In July, and filesd a foreclosure lawsuitagainst them, Prestige Builders and Fores Pointe 372, which owns 272 units in the Olivine at the Townshi p condo conversion in Coconut Creek.