Tuesday, September 21, 2010

Miami Beach's Cavalier Hotel faces foreclosure

BPD Bank filed a foreclosure lawsuit Sept. 16 against Ocean Drive Investment, Cavalier Hotel and managing member Ralph Abravaya, according to Miami-Dade County Circuit Court records. It concerns a mortgage issued for $4.2 million in 2005 and increased to $6.5 million in 2007. The loan matured June 1.

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