U.S. Bankruptcy Judge Robert A. Mark ordered 43 condos in the 1300 Ponce building in Coral Gables, Fla., out of chapter 11 reorganization and back into foreclosure in county court, the South Florida Business Journal reported yesterday. Ponce Trust LLC, Dayco Properties and Franco D’Agostino got hit with a foreclosure lawsuit in 2010 over 85 condos in the building at 1300 Ponce de Leon Blvd. In 2012, Ponce Trust filed chapter 11 reorganization to stay the foreclosure case. It reached a reorganization plan with a modified loan payment schedule the following year. The company resumed selling units and now has 43 left. However, it has sold only two condos so far this year after selling 13 in 2015. The mortgage was subsequently sold to CCP Ponce LLC, an affiliate of Tampa-based real estate private equity firm Convergent Capital Partners. On Sept. 12, CCP Ponce filed a motion to lift the stay on pursuing the foreclosure case in county court because Ponce Trust fell behind on loan payments. Ponce Trust was required to pay $3.83 million by Jan 1., 2016 but made partial payments and it still owed $1.65 million, according to the creditor’s motion. Judge Mark granted the motion on Oct. 26.
