A company led by Colombian real estate investor Carlos Mattos won a $26.2 million foreclosure judgment on an oceanfront site in Sunny Isles Beach.
Sunny Isles Development Co.
, an affiliate of Boca Raton-based Royal Palm Homes
, once had plans for a 47-story condo with 232 units called Paramount Beach on the 2.2 acres at 16901 Collins Ave. However, lender iStar FM Loans sued the developer last year claiming it stopped paying the mortgage on the vacant property.
In February, iStar sold the delinquent mortgage to Sunny Isles Property Holdings
, which is managed by Mattos
After winning the $26.2 million judgment on Tuesday, Mattos' company will have the inside track at taking the property at the public sale on Sept. 4 in the Miami-Dade County Courthouse.
has been very active in Miami real estate recently.
On June 17, a company affiliated with Mattos
paid about $6 million for 31 units at 1060 Brickell Ave. in Miami.
The president of Hyundai Colombia Automotriz
and a former member of the Colombian Senate
, Carlos Mattos
was honored with the Inter-American Economic Council's Excellence in Leadership Award in February.