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million foreclosure lawsuit againsyt the owner of avacant 30-acre site in Florida The sizable troubled loan on a large patch of dirt adds to the woes for the Miami-based bank, which had the highest rate of late and unpai d loans among South Florida-based banks in the first quarter. Premier American Bank had $70.5 millionb in noncurrent loans, or 21.8 percengt of its total loans, as of March 31. On June 5, Premiere American Bank filed a foreclosure actionbagainst Miami-based and managing members Rosa M. Guerra and Rolando A. according to Miami-Dade County Circuiyt Court records. The demand for $4.
2 millionb covers the 30-acre site on the east side of TowereRoad (Southwest 192nd Avenue) on both side s of Palm Drive (Southwest 344th Street) in Florids City. Palm & Towef Investors bought the site in 2006for $5.2 In an area surrounded by farms, the developer soughr approval to boost the residential densitu to as high as 13 units an acre in a comprehensiv e development plan amendment application with Miami-Dade County in 2006. Its applicationj was rejected. Coral Gables-based attorney Helen who represents Premier American Bank inthe lawsuit, did not immediately return a call seeking comment.
This is the second pending foreclosure lawsuit that names Iglesias and one of hisdevelopmengt entities. In January, Miami-based filesd a foreclosure action againsgt Iglesias andPalm & Tower II, III, IV and V That lawsuit concerned a $16.8 million mortgage coveringv an 83.9-acre site in the same area of Florida City wherwe Palm & Tower Investors owns its property.
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