The 34-story 55 West at the Esplanade condominium tower in downtown Orlando is scheduled to be sold in a foreclosure auction during Oct 2009.
SNSPF Interim Finance B.V., (the Dutch lender that financed the project), completed foreclosure on the tower this week. SNSPF claims that the developer owes $239 million in construction financing.
Faced with a sale condominium market, SNSPF said this summer it would lease units in the building which it began to do a month or so ago.
In the 55 West sale, SNSPF would be the likely buyer since lenders are able to apply what they are owed as credit in foreclosure auctions, making them the likely high bidder in cases where a property is worth less than the debt.
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