Miami-Dade County Circuit Court Judge Elizabeth Krier onJuly 5 approved a settlement of a foreclosure lawsuit filed by Doral,Fla.-based U.S. Century Bankagainst former bank director Rodney Barreto and other defendants, the South Florida Business Journal reportedJuly 14.
The $15.3 million suitfiled May 10 in Collier County targeted the 14,318-square-foot clubhouse at8250 N.W. 112th Court in Doral and four gas stations in Southwest Florida.Aside from Barreto, the other defendants were Warren Sands and real estateownership companies Doral Club LLC, Gladiolus Petroleum Developers, HancockPetroleum Developers, Ortiz Petroleum Developers and Alico Petroleum Developers.
The publication said that the terms of the settlement werenot disclosed to the public, but it noted the filing June 29 of a modifiedmortgage between the bank and Doral Club and the other four property ownershipcompanies.
Citing the agreement, the news outlet said that mortgages ofabout $15.3 million on the five properties remained outstanding and that aproperty could not be sold unless the loan-to-value ratio of the remainingportfolio was at least 75%, with the bank getting all of the sales proceeds.The agreement also extended to 10 years the Doral property's maturity date.
A U.S. Century Bank board member at the time the loans weremade from 2007 to 2009, Barreto is now chairman of the Miami Super Bowl HostCommittee and the head of lobbying at Floridian Partners.