Two condos controlled by a Turkish media executive in the Setai Resort & Residences in Miami Beach were placed in chapter 11 reorganization, the South Florida Business Journal reported on Friday. Setai 3509 LLC and Setai 1908 LLC both filed chapter 11 in U.S. Bankruptcy Court, and both companies are managed by Nafia Sevin Ergun Sefada, the chair of Satis Ofisi, a large media representation group in Turkey. They hope to reorganize and come out of bankruptcy with their debt resolved. In addition, they are considering the options to either sell or retain the properties. Setai 3509 owns a three-bedroom, 2,521-square-foot unit in the condo and paid $10.95 million for it in 2014. Setai 1908 owns a two-bedroom, 1,279-square-foot condo that it acquired for $3.75 million in 2013. On June 2, Coral Gables-based BAC Florida Bank filed a foreclosure lawsuit against Setai 3509, Setai 1908 and Sefada over the two condos. The complaint claimed that the defendants defaulted on the mortgages, owing $5.35 million on unit 3509 and $1.57 million on unit 1908. Both condos have been listed for sale. The asking prices for units 3509 and 1908 are $10.95 million and $4.75 million, respectively.
