Nina Lincoff
This retail building in Coconut Grove is facing a foreclosure lawsuit.
- Brian Bandell
- Senior Reporter-South Florida Business Journal
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A real estate investor from New Jersey bought the distressed mortgage on a retail building in Coconut Grove that hosts 24-Hour Fitness.
Stabilis Fund II filed a foreclosure lawsuit in 2012 against S&C Venture over a $7.9 million mortgage. It targets the 36,230-square-foot building at 2974 Grand Avenue, which is near Cocowalk. In addition to the gym, tenants include FedEx Office and Rainbow.
Stabilis recently sold the mortgage to Coconut Grove Acquisitions, an affiliate of Case Real Estate Capital in Rochelle Park, N.J. The company is a high-yield lender and purchaser of non-performing debt.
Michael Comras is the managing member of S&C Venture, although he wasn't named in the lawsuit. The case remains pending.
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