Photo byCanva

A condominium building in Bay Harbor Islands may soon be seized as part of a $4.69 million foreclosure lawsuit. The complaint was filed on September 30 in Miami-Dade County Court by APC BX Trust against 9720 W Bay Harbor Dr LLC, the company that owns the eight-unit building at 9720 W. Bay Harbor Drive. The lawsuit also names guarantors Zvi Yosifon and Ori Darmon.

Details of the Foreclosure

The building, located along the water, was originally purchased for $6.25 million in early 2023. The new owners secured a $4.69 million mortgage in July 2023 from APC BX Trust with an 11.5% interest rate. However, the lawsuit claims that the borrowers defaulted on the loan after failing to make a payment on August 1. As a result, they now owe the entire principal amount, along with additional interest and fees.

This property, known as the Bay Harbor Townhouses Condominium, covers 7,875 square feet and was built in 1978on a 11,250-square-foot site. The building's condo association was terminated by the owners after purchasing the units, a move that has become more common as Miami-Dade County’s older condos face increasing pressure to sell due to Florida’s stricter laws on condo inspections and repairs.

Second Foreclosure Lawsuit in Play

This isn't the only foreclosure lawsuit involving the same parties. On August 26, APC BX Trust filed a $4 millionforeclosure complaint against 679 NE 77 Street LLC, as well as Yosifon and Darmon. That lawsuit concerns three vacant lots in Miami, covering a total of 41,572 square feet. The properties are zoned for single-family homes.

When asked about the lawsuits, Darmon claimed that both loans had been paid off but declined to provide any evidence. Despite this assertion, both foreclosure cases remain pending on the county docket, and no formal responses have been filed by the defendants.

Attorney Christophal Hellewell, who represents APC BX Trust in both cases, has not responded to requests for comment on the situation.

What’s Next?

With both lawsuits still active, it remains to be seen whether the defendants can resolve the cases or face the possibility of losing their properties through foreclosure. The outcome of these cases could have broader implications for other condo owners in Miami-Dade County, particularly as more older properties come under pressure from developers seeking to purchase and redevelop them.

Terminated condo in Miami-Dade targeted in $5M foreclosure

A terminated condominium building in Bay Harbor Islands could be seized in a $4.69 million foreclosure lawsuit.

APC BX Trust filed a foreclosure complaint Sept. 30 in Miami-Dade County Court against West Park-based 9720 W Bay Harbor Dr LLC, along with guarantors Zvi Yosifon and Ori Darmon. It targets the eight-unit building along the water at 9720 W. Bay Harbor Drive.

The company bought out the condo units for a combined $6.25 million in early 2023 and obtained a $4.69 million mortgage with an 11.5% interest rate from APC BX Trust in July. They later terminated the condo association. According to the lawsuit, the borrower defaulted on the loan by failing to make a payment Aug. 1, and owes the full amount of principal, plus interest and fees.

Totaling 7,875 square feet, the Bay Harbor Townhouses Condominium was built on the 11,250-square-foot site in 1978. Many of the older condos in coastal Miami-Dade County have been under pressure to sell to developers because of Florida’s enhanced laws for condo inspections and repairs.

This is actually the second pending foreclosure lawsuit involving the same parties. On Aug. 26, APC BX Trust filed a $4 million foreclosure complaint against 679 NE 77 Street LLC, Yosifon and Darmon. It targets three vacant lots totaling 41,572 square feet at the same address in Miami. The properties are zoned for single-family homes.

Reached for comment, Darmon said both loans were paid off. He declined to provide evidence of a payoff. Both lawsuits remain pending on the county docket, and the defendants haven’t filed a response to either of them.

North Miami Beach-based attorney Christophal Hellewell, who represents APC BX Trust in the lawsuits, didn’t respond to a request for comment.