Miami (Coral Gables WEST) – New Construction – FORECLOSURE FILED 12/31/2008 – NOTE SALE OR PEND FOR BANK REO - This 10 story, 63 unit building is located in Coral Gables, south of downtown Miami. All 63 units are one BR units ranging in size from 750 sq ft to 780 sq ft. Only 25 units closed, leaving 38 units remaining. Total sq ft was 47,880 and remaining sq ft is approximately 28,500. The bank filed for foreclosure on remaining units in January 2009. The original loan amount was $5.6MM and, at the time of foreclosure, had a balance of about $3.6MM. Preconstruction prices ranged from $185,000 to $260,000, or $246 per sq ft to $333 per sq ft. No units have closed since 10/8/08 and there are various liens and judgments on the property.