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