Fisher Island Foreclosure Withdrawn After Loan Sold

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Source: Miami New Times

A foreclosure lawsuit over a site on Miami’s wealthy Fisher Island was withdrawn after a foreign corporation purchased the $32.5 million mortgage just in time.

Garrison Fisher Island, an affiliate of New York-based Garrison Investment Group, filed the foreclosure in December against Fisher Island Holdings, Par 7 LLC and managing members Andrew Baker, Roberto Sosa, Gary Snider, Nicole Vacalla, Heinrich von Hanau and Ali Guidfar. The foreclosure targeted a 6.5-acre site on the north side of the island, which is only accessible by boat. The site has been used for warehouse and storage, but it holds zoning approval for multifamily development.

Garrison recently sold the mortgage to FI Properties Ltd., of the island of Jersey in the Channel Islands off coast of France. The island is known for its favorable tax laws. The managers were listed as David Voisin, a director of Jersey-based Nautilus Trust, and London-based BILI Management.

Although the foreclosure lawsuit was withdrawn, the mortgage was not declared satisfied. It is not clear whether FI Properties intends to finance property owner Par 7 or ask that the property be turned over in exchange for releasing the debt.

Source: Biz Journals

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