Hollywood, FL – Woodforest National Bank, based in The Woodlands, Texas, has initiated a foreclosure action in Broward County, seeking to recover over $12.5 million from a local warehouse owner. The lawsuit, filed on October 3, targets David P. Frank and several companies under his management, alleging default on loan payments and seeking the sale of a Hollywood warehouse used as collateral.
The 8,640-square-foot warehouse, located at 1980 Grant St., is owned by Frank’s company, 2130 SW 56th Terrace LLC. The foreclosure notice was filed the same day as the lawsuit, as Woodforest moves to claim the property following Frank’s default on a forbearance agreement reached earlier this year.
According to court documents, Frank and 11 businesses, including The Glove Store LLC and United Medical Trade Company LLC, obtained two revolving lines of credit worth $16 million from Woodforest in March 2021. After the borrowers failed to meet their financial obligations, they offered the Hollywood warehouse as collateral in a forbearance agreement executed in January 2024. However, the lawsuit alleges that Frank defaulted on the agreement by July 1, prompting the bank to seek foreclosure.