It may be named The Floridian
but the condo building shown at right is actually on Florida Avenue near Howard University in Washington D.C. It's also facing foreclosure. The 118-unit building is being foreclosed even though more than 30 units are occupied by owners and around 50 more units could have been sold. Kady Development bought the land in 2006 for $8 million and then borrowed $44.8 million in loans from LaSalle Bank to build the loft-style condos which are in two towers and are outfitted with granite counters and stone tile baths. Prices started in the low $300,000s.
Bank of America filed the notice of foreclosure on December 8. The Washington Business Journal reports t
hat a third-party investor purchased the note from the bank and is proceeding with the foreclosure. The foreclosure auction is scheduled for January 8 at Alex Cooper Auctioneers Inc. and the balance on the note is $31.8 million.