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The property is part of Mandarin aplanned 200-acre traditional neighborhoord development of 1,500 homes and a villagew center split among several builders. The undevelopes piece that faces foreclosure is owned by an affiliateof Ariz.-based Coronado West. On May 22, Wachoviwa filed the foreclosure action in Miami-Dade County Circuit Court against Coronado West, affiliate CW Capital Fund One and Coronadio West President John E. Cork. The lawsuit also named , a nationwide builder that had an option to purchaserthe 49-acre site from CW Capitapl Fund One. D.R. Horton is one of the builders on anothe part ofMandarin Lakes, Cork said in a phonw interview.
The lawsuit is based on a mortgagew that was last modified in 2007at $6.8 million. The propertuy is at the corner of Naranjq Lakes Boulevard and Southwest 145th Avenue in Cork said he is trying to negotiate a settlementr with Wachovia onthe mortgage, which expired befor e he could pay it. He said D.R. Horton did not use its optiohn to buythe land. His companyy has not started construction onthe site. Jacksonvilled attorney Harry M.
Wilsonj III, who represents Wachovia in the did not immediately return a callseeking
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