Friday, January 22, 2010
AZURA BOUGHT OUT OF FORECLOSURE BY TOLL BROS.
Located on the east side of Jog Road, just south of Polo Club, an affiliate of homebuilding giant Toll Bros. has taken title to the unfinished 37-acre Azura estate home project in Boca Raton. It was planned for 92 homes ranging in price from $1.6MM - $3MM and touted as one of the premier developments in Boca Raton. . Most lots are vacant, only 7 were sold for a total of $19MM.
Initial sale and assumption agreement were signed in October. Regions Bank won a $43.1MM foreclosure judgment against developers Polo Field Estates and Gordon Homes in early December and the bank sold the mortgage to Toll FL X.L.P. on December 23rd.
At the foreclosure sale on January 11th, Toll FL X won title to Azura after submitting a $5.1MM bid, based on the $43.1MM foreclosure judgment it acquired when it bought the mortgage.