This site is part of the Global Exhibitions Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.


Miami Self-Storage Facility Gets Slapped With Foreclosure Lawsuit

Posted in News, Archive, News, Happenings

The owner of Red Self Storage in Miami got slapped with a $5 million foreclosure lawsuit last month, according to an article in the South Florida Business Journal. Miami-Dade County Circuit Court records show that Bank of America, acting as a trustee for a group of commercial mortgage-backed securities issued by Morgan Stanley Capital, filed the foreclosure action on June 26 against Miami Beach, Fla.-based 3300 Holdings and its managing members, Joseph Ausch and Yaakov Ilowitz.
The Journal was unable to get immediate comment from the lender’s attorney, Traci Rollins, or the facility owner.
Red Self Storage, comprising 57,382 square feet of storage was bought for $4 million in 2007.
Source: South Florida Business Journal, Red Self Storage faces $5M foreclosure suit

Related Articles:

Self-Storage Threat of Foreclosure? Don’t Hide, Just Seek

Take Advantage of a Buyer’s Self-Storage Market

An Open Letter: Self-Storage Real Estate in This Economy

SoCal Sees First Lender-Foreclosed Self-Storage of 2009

comments powered by Disqus