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Florida marina faces foreclosure - Trade Only Today

Florida marina faces foreclosure

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The company that operates the River Bend Marine Center in Fort Lauderdale was named last week in a foreclosure action.

New Orleans-based Iberiabank filed the action last Wednesday against Palm Beach Marina Holding Corp. concerning a leasehold mortgage on the six-acre marina, the South Florida Business Journal reports.

The $13.5 million mortgage was created in August 2007 by Orion Bank, which failed in 2009 and had its assets acquired by Iberiabank.

The property belongs to a local family, but it has a long-term lease with Palm Beach Marina Holding for the marina. Should the bank win the foreclosure lawsuit, the lease would go up for auction.

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