Good news for a Bay Harbor Islands development project—what could have been a messy foreclosure battle has been cleared up. A $4.69 million foreclosure lawsuit against the owners of an eight-unit condo building at 9720 W. Bay Harbor Drive has been dismissed just days after it was filed.
APC BX Trust, the lender behind the complaint, filed the lawsuit on September 30 in Miami-Dade County Court against the company 9720 W Bay Harbor Dr LLC, along with its guarantors, Zvi Yosifon and Ori Darmon. But by October 2, the lender voluntarily dismissed the case.
So, what happened? According to Darmon, the loan was paid off, which put an end to the lawsuit. The property was originally purchased in early 2023 for a total of $6.25 million, and the condo association was terminated soon after. The building itself, which sits on an 11,250-square-foot waterfront lot, was built back in 1978.
Darmon has plans to redevelop the property, replacing the old building with nine new condo units. This is part of a growing trend in coastal South Florida, where older condo associations are selling out to developers rather than shouldering the hefty costs of repairs and assessments.