Stalled Coconut Grove Condo Trades In Deed In Lieu Of Foreclosure

The developer of the incomplete Arbor condominium in Miami’s Coconut Grove transferred the property in a deed in lieu of foreclosure.

Miami-based 3034 Oak Park LLC, managed by Nicolas Hamann, transferred the 35,850-square-foot site at 3034 Oak Ave. to Arbor Grove Development LLC, managed by Pembroke Pines-based attorneys Isaac Kodsi and Steven Amster. The document states this is a deed in lieu of foreclosure in exchange for the lender releasing $20.96 million in personal guarantees against the seller, but the original loan remains in place on the property.

Urban Atlantic Group and Oak Ventures are building the 52-unit Arbor condo in Coconut Grove.

At the same time, original lender Trez Capital transferred the $20.96 million loan to Fort Lauderdale-based Oasis Investment Trust. Arbor Grove Development assumed responsibility for repaying that loan.

The 48-unit Arbor broke ground in 2017. Much of the five-story structure is standing, but it hasn’t been fully completed.

Trez Capital filed a foreclosure lawsuit against 3034 Oak Park LLC and Hamann in 2022. The complaint alleged the loan was not repaid upon maturity. That lawsuit was voluntarily dismissed in August.


Source: SFBJ

Scroll to Top