Broward Medical Office Development Site Faces Foreclosure For Second Time | Florida Medical Office Space

Broward Medical Office Development Site Faces Foreclosure For Second Time

Rendering of MOB Development at 302 to 400 S.E in Hallandale 760x320

A development site in Hallandale Beach, planned for a medical office building, is at risk of foreclosure due to a $5.6 million lawsuit.

Fort Lauderdale-based OptimumBank filed a foreclosure complaint on Jan. 23 against SE 9 St Holdings LLC, a Hollywood-based company, along with trusts led by Justin Zeig and Eyal Mehaber. The lawsuit targets a 1.37-acre site located at 302 to 400 S.E. 9th Street, just west of Gulfstream Park. While the property currently contains a few single-family homes, it is largely vacant, according to real estate data firm Vizzda.

City records indicate that the property was approved for a 90,813-square-foot medical office building, though no construction has begun.

Loan Default Leads to Foreclosure

OptimumBank provided SE 9 St Holdings with a $5.6 million loan in 2023 at an interest rate based on the one-year Treasury Bill plus 3.25 percentage points, with a minimum rate of 5%. The loan was structured as interest-only until April 2025, with a maturity date in 2035.

According to the lawsuit, the borrower defaulted on the loan after failing to meet the agreement’s terms. As of now, the company owes a combined $5.82 million in principal and interest. However, the lawsuit does not specify when the default occurred.

Additional Legal Disputes

SE 9 St Holdings is also facing a separate lawsuit in Broward County. In April 2024, Alejandro Chaberman sued the company, claiming he is owed $100,000 for consulting services related to securing city approval for the medical office project. In response, SE 9 St Holdings filed an answer and affirmative defenses in June 2024, arguing that Chaberman’s contract had expired.

A History of Foreclosure

This isn’t the first time the property has faced foreclosure. In 2020, LV Lending filed a $3.3 million foreclosure complaint against a previous owner, ultimately seizing the property in 2021. The site was then sold for $4.4 million in 2022 to SE 9 St Holdings.

With the latest lawsuit, the future of the proposed medical office development remains uncertain.

Source: SFBJ

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