Mar 8, 2013, 2:53pm EST
Cuba travel agency hit with foreclosure by Citibank
The home of Informational Television Network in Boca Raton could be
seized in foreclosure.
Senior Reporter- South Florida Business Journal
A Coral Gables travel agency that specialized in trips to Cuba has been
hit with a foreclosure lawsuit and a U.S. government agency could be on
C & T Charters' website proclaims that it's "Your bridge to Cuba" and
offers both academic and family travel there. The Miami Herald reported
in November that Cuba suspended the company's charter-flight permits. C
& T Charters has operated since 1991. Its phone lines didn't work.
The timing of Cuba's decision was most unfortunate for Citibank and,
ironically, the U.S. government. In July 2012, the bank (NYSE: C) made a
$1.5 million first mortgage and a $1.2 million second mortgage to JGAJ
Associates, managing member John H. Cabanas and C & T Charters. The
second mortgage was assigned to the U.S. Small Business Administration
through Florida First Capital Finance Corp.
Yes, a U.S. government agency subsidized a mortgage for a travel agency
promoting trips to communist Cuba.
JGAJ used the loans to pay $2.95 million for two units, totaling 5,959
square feet, in the 1300 Ponce Condominium in Coral Gables.
On Feb. 28, Citibank filed a foreclosure lawsuit against JGAJ, Cabanas
and C & T Charters over that property. The same day, the bank filed a
foreclosure lawsuit against the same three parties over two mortgages,
each $1.6 million, securing Cabanas' condominiums: two units in the Lexi
Condominium in North Bay Village and one unit in the Sterling in Miami
Miami attorney Alan Grunspan, who represents Citibank in the lawsuit,
couldn't be reached for comment.
Boca Raton TV production company faces foreclosure
Boca Raton-based Informational Television Network could lose its
headquarters to foreclosure.
Wells Fargo Bank (NYSE: WFC) filed a foreclosure lawsuit on March 1
against Learndawg Entertainment, Informational Television Network,
Multimedia Educational Television, Executive Producer Edward E. Lerner
and Executive Producer Ana C. Lerner. It targets the 15,494-square-foot
TV production facility/warehouse at 6650 Park of Commerce Blvd.
The company bought the property for $2.5 million in 2006 and used a
$2.65 million mortgage to redevelop it.
According to Informational Television Network's website, it was founded
in 1992 and has 40 employees. It creates documentary-style programs
about health and medicine that have run on networks like PBS, Discovery
Communications and ION Media. It has won numerous Freddie awards for
excellence in health and wellness programming.
Its programs include Waging War on Cancer with Paula Zahn, Disaster
Resistant Homes, and Healthy Body, Healthy Mind.
Edward Lerner couldn't be reached for comment.
Miami attorney Jose G. Sepulveda represents Wells Fargo in the lawsuit.
Stalled Miami Gardens retail project headed to auction
The stalled Palmetto Gardens Plaza project in Miami Gardens is headed to
auction after its owner lost a $13.3 million foreclosure judgment.
PNC Bank (NYSE: PNC) won the judgment against Palmetto Design Center
over an $8.3 million mortgage, plus interest and fees. The lawsuit has
been ongoing since 2010. Palmetto Design Center is managed by Zvi Shiff
and Daniel Shiff.
The 7.1-acre site at 3799 N.W. 167th Street is set for online auction
Located on the north side of the Palmetto Expressway (State Road 826),
the site had approval for a 107,669-square-foot shopping center.
Construction started in 2004, but it stalled out.
West Palm Beach attorney Alexander del Russo represented PNC in the lawsuit.
Check out our Foreclosure Database to view previous foreclosure filings
and search by county or property type.
Brian Bandell covers banking, finance, health care and education.