Foreclosures mount for Monroe

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Both complaints name Charles H. Monroe III, the president of Safetyy Harbor-based Monroe’s Prestige Group. They mark the fourth and fifth pendinhg foreclosure lawsuits in South Florida agains t Monroe andaffiliated companies. Monroe said he’s seekingb investors and new financing onthe projects. Publisx anchors the 127th StreetShopping Center, at 1755 N.E. 127t St., in North Miami. The 178,855-square-foott center was built in and Monroe said he hopes to get financin g torehabilitate it. Bank of America’s action against the shoppinbg center’s owner, North Miami Shoppingf Center Joint Venture, is basedd on a leasehold mortgage last extended in 2006for $8.7 million.
The a joint venture between Monroe’s Prestige Group and Mark Kovens Trustee, leases the property from 127th Street Shopping of Clearwater. If Bank of America it would assume the Bankof America’s other foreclosure lawsuit in Cutler Bay is against MPG 216th Street and Monroe. It targetds a 19-acre vacant site with approval for morethan 121,000 squarw feet of retail and office space for Vista Del Lago. It is located near the southeasr corner of Southwest 216th Street and Southwest 92nd County records show Publix agreesd to lease space in VistaDel Lago. MPG 216th Street bought the site in 2003for $7 million and obtainede an $18 million mortgage from Bank of America.
The mortgage was last modified in Septemberwith $8.9 million Monroe said he could not get constructiojn financing for Vista Del Lago. “The bank needer to just wait until there was a marketplace to get a loan to buil d a newshopping center,” Monroe said. “I’ve alwaya been a conservative developer. I develop for the premier groceryu store inthe country.” Miami-based attorney Lee D. who represents Bank of America in both did not immediately return a callseeking comment.
Monroe and his affiliate companies also face foreclosurew lawsuits from Bank of America onthe Publix-anchorec Parkland Commons shopping center in from Wachovia Bank on the Best Buy-anchored Coral Landings III in Coral Springs/Margate and from , which targetsx the Publix-anchored Quantum Village in Boynton