miami developer in the garbage

Posted on September 20, 2012 by mcooper

South Florida developer Tony Mijares has filed a personal Chapter 11 bankruptcy that lists guaranties on loans totaling $84.5 million as liabilities.

The largest loan is from City National Bank — $34.1 million for the Bella Vista condominium project in Lauderdale Lakes.

Mijares had been a principal of Miami Lakes-based United Homes International, among other companies. His bankruptcy petition listed loans from six different lenders on projects from Stuart to Homestead.

The case is evidence that, while bankruptcy filings have slowed this year, fallout from the real estate crash of 2007 is still appearing.

Jerry Markowitz, Mijares’ bankruptcy attorney, said the pace of new bankruptcies has slowed considerably this year but there are still some real estate workouts in progress.

The bankruptcy is mostly about seeking modifications on existing loans, Markowitz said.

“He has worked out deals with a number of lenders, but there are a few that he hasn’t been able to reach agreement with,” he said.

Besides the City National loan, the following loans are listed on Mijares petition:

• $15.7 million, Banco Popular, Santa Barbara Townhomes in Homestead

• $4.7 million, BankUnited, Mediterania in North Lauderdale and St. Moritz Townhomes in Tamarac

• $9.5 million, Fiorilli Finance Ltd. of British Virgin Islands, Bella Vista and Village Park

• $13.9 million, Great Florida Bank, Village Park and Celebration Pointe in Margate.

• $6.6 million, Marchi Mariners Garden Circle Note LLC of Coral Gables, Mariner Village Townhomes in Stuart

In March 2010, Miami-based City National Bank of Florida filed foreclosure against United Homes’ Bella Vista subsidiary. The bank gave United Homes a $44 million loan in late 2007 to build the mixed-use project.

In October 2009, Banco Popular North America filed a $16 million foreclosure lawsuit against Santa Barbara Townhomes, targeting 163 unsold residential units. The foreclosure also targeted managing members Mijares and Silvio Cardoso, another executive of United Homes International.

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