Stalled Miami condo trades in deed in lieu of foreclosure

Article by South Florida Business Journal

Miami-based 3034 Oak Park LLC, managed by Nicolas Hamann, transferred the 35,850- square-foot site at 3034 Oak Ave. to Arbor Grove Development LLC, managed by Pembroke Pines-based attorneys Isaac Kodsi and Steven Amster. The document states this is a deed in lieu of foreclosure in exchange for the lender releasing $20.96 million in personal guarantees against the seller, but the original loan remains in place on the property.

At the same time, original lender Trez Capital transferred the $20.96 million loan to Fort Lauderdale-based Oasis Investment Trust. Arbor Grove Development assumed responsibility for repaying that loan.

The 48-unit Arbor broke ground in 2017. Much of the five-story structure is standing, but it hasn't been fully completed.

Trez Capital filed a foreclosure lawsuit against 3034 Oak Park LLC and Hamann in 2022. The complaint alleged the loan was not repaid upon maturity. That lawsuit was voluntarily dismissed in August.

During the Covid-19 pandemic, many construction projects were plagued by delays and increased costs. That made it hard to deliver them on time and on budget.