In a sign of rebounding property values, Community Bank of Florida recovered 97 percent of its foreclosed mortgage after selling a Homestead service station.
The Homestead-based bank (OTCBB: CBKS) seized the 11,783-square-foot service station and plaza at 17695 S.W. 272nd St. in 2011 after foreclosing on a $3.1 million mortgage with Florida Shoreline Realty Corp.
The bank recently sold the property for $3 million to Redland 272 LLC, which is managed by Mario Armenti. Community Bank of Florida provided a $2.25 million mortgage to the buyer.
Getting a good price for this property is great news for Community Bank of Florida, which was ?adequately capitalized? on March 31 and held $14.2 million in repossessed property.
Brian Bandell covers banking, finance, health care and education. Get the latest banking industry news here.