Cavalier Hotel is facing foreclosureHotels, Miami Monday, October 18th, 2010
The lender, BDP Bank filed a foreclosure lawsuit against the property owner, Ocean Drive Investment, Cavalier Hotel and managing member Ralph Abravaya, the Miami-Dade County Circuit Court records show. The lawsuit papers talk about a mortgage issued for $4.2 million five years ago and increased to $6.5 million in 2007, which matured June 1.
The hotel was built in 1936 and has 45 rooms in the stories. It includes the Cavalier Crab Shack, with streetside dining at 1320 Ocean Drive. Patrons have a clear view of the beach across one of the world’s famous drags.
Ocean Drive Investment purchased the hotel for $4.2 million 8 years ago. The Miami-Dade County property appraiser assessed it at $5 million in 2010.
BDP Bank’s lawsuit also names four parties that granted loans to Ocean Drive Investment: Luxembourg-based Lacasave SA, Oscar Mercep Ismael Petroni and attorney Carlos Gil. Their loans could be wiped out if the bank seizes the hotel.