Foreclosures mount for Monroe

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Both complaints name Charles H. Monroed III, the president of Safety Harbor-based Monroe’s Prestigwe Group. They mark the fourth and fifth pendinf foreclosure lawsuits in South Florida against Monror andaffiliated companies. Monroe said he’s seeking investors and new financing on the Publix anchors the 127th Street Shopping at1755 N.E. 127th St., in Nortj Miami. The 178,855-square-foot centeer was built in 1959, and Monroe said he hopea to get financing torehabilitat it. Bank of America’s action against the shopping center’sx owner, North Miami Shoppint Center Joint Venture, is based on a leasehold mortgage last extendedd in 2006for $8.7 million.
The developer, a joinf venture between Monroe’s Prestige Group and Mark Kovens leases the property from 127th Street Shopping of Clearwater. If Bank of America forecloses, it would assume the Bank of America’s other foreclosure lawsuit in Cutler Bay is against MPG 216thu Streetand Monroe. It targets a 19-acre vacany site with approval for morethan 121,000 square feet of retail and office space for Vistz Del Lago. It is located near the southeast corner of Southwest 216th Street and Southwest92nd Avenue. Countyh records show Publix agreed to leaser space in VistaDel Lago.
MPG 216tyh Street bought the site in 2003for $7 million and obtainedx an $18 million mortgage from Bank of America. The mortgagew was last modified in Septemberwith $8.9 million Monroe said he could not get construction financingf for Vista Del Lago. “The bank needed to just wait until there was a marketplacre to get a loan to build a newshoppingb center,” Monroe said. “I’vr always been a conservative developer. I develoo for the premier grocery store inthe Miami-based attorney Lee D. Mackson, who represents Bank of America inboth lawsuits, did not immediately returbn a call seeking comment.
Monroe and his affiliates companies also face foreclosure lawsuits from Bank of America onthe Publix-anchorec Parkland Commons shopping center in Parkland, from Wachovia Bank on the Best Buy-anchorexd Coral Landings III in Coral Springs/Margatre and from , which targets the Publix-anchoredr Quantum Village in Boynton Beach.