PRLog (Press Release)– Mar 07, 2011– Commercial and residential projects owned by Fort Myers-based property developer Grosse Pointe Development up for Auction in April 2011 and the Mortgage Amounts: $236.4 million on its Tarpon Point retail, hotel and residential community in Cape Coral $19.6 million on its Bell Tower residential community in Fort Myers $83.6 million on its Bonita Springs project, a AG Mine.
With a total loan value of almost 1/3 of billion dollars, the Grosse Point projects are costlier by over 100 percent than the previous foreclosure record posted by Bank of America who foreclosed on the Related Group's Oasis Condominium development in the Downtown Fort Myers River District. The B of A $157M filing ranks as the second largest ever in Lee County. A bulk purchase of 224 units in the Oasis Tower II for $36.7 million took place in February 2011. The buyer, Lofton Island Holdings is a partnership between Southwest Properties and Geosam Capital; both of which are located in Halifax, Nova Scotia. The failed Paradise Preserve in North Fort Myers is the third largest at over $72 Million, and will be going to sale this month via the United States Marshal at the Lee County Courthouse.
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