TotalBank sold a foreclosed farmer’s market in North Lauderdale at a 57 percent loss to its mortgage.
The Miami-based bank seized the 31,559-square-foot grocery center at 5150 N. State Road in 2010 after foreclosing on a $4.26 million mortgage that belonged to Mugnano Properties. TotalBank, through affiliate Yellow Leaf Development, recently sold the building for $1.85 million to Ft. Lauderdale Food Services.
The buyer, which is managed by Mark Gerenger and Joshua Pardue in Celebration, obtained a $1.91 million mortgage from Oakland Park-based American National. Part of the proceeds of that loan will go to renovate and rehabilitate the property.