Meltdown llega a la etapa de impacto profundo

Elba Rodriquez y Guy Meeker, residentes de las torres de condominios Four Ambassadors en el centro de Miami, poseen unidades en un edificio donde las tarifas mensuales de mantenimiento y servicios públicos no se pagan en unidades vacías, incluido un gran salón propiedad del problemático Berman Group y prestamista de dinero Money Asset Management Corp. (MAMC).

Debido al problema, residentes como Rodríguez y Meeker están siendo cargados con un pago especial por la asociación de condominios de Four Ambassadors. El edificio es uno de los desarrollos más antiguos de la ciudad, originalmente construido en 1968 con 747 unidades. Las tarifas mensuales de mantenimiento y servicios de sus unidades promedian cientos de dólares por unidad.

El lunes, el juez de la Corte de Circuito del Condado de Miami-Dade Thomas Wilson negó una solicitud de Four Ambassadors para llevar a cabo una venta de ejecución hipotecaria en el salón de baile. Wilson dictaminó que el asunto de Berman tiene prioridad sobre las preocupaciones de la asociación de condominios, al menos por 60 días más.

Berman y MAMC son parte de un tema problemático dirigido por la Oficina de Regulación Financiera de la Florida. El abogado de Akerman Senterfitt, Michael Goldberg, el síndico designado por el tribunal, está tratando de resolver todos los proyectos de Berman y obtener la aprobación de 640 inversionistas

pero mientras tanto, Four Ambassadors tienen un gravamen de $ 172,000 en el salón de baile por honorarios no pagados de $ 18,645 por mes. Las tarifas no pagadas generan líneas de "deudas incobrables" en el presupuesto de la asociación de condominios, que la asociación tiene que cubrir con evaluaciones especiales para los residentes

y no están contentos con eso.

"No es justo. No me gusta subsidiar las deudas de otras personas", dijo Meeker, quien ha vivido en una unidad de un dormitorio durante tres años.

Rodriguez, 86, was less gracious. Living on a fixed retirement income, she said she puts off other purchases to pay her assessments.

“If they don’t pay, they go!” she said, clapping her hands.

Investors end up with defaulted loans

The state alleges Berman and MAMC sold unregistered securities in the form of fractionalized interests in mortgages, operated as unregistered securities dealers, made misrepresentations to investors and misapplied investors’ money by funding commercial mortgage loans. The companies received $192 million from investors, telling them they’d receive annual average returns between 12 percent and 14 percent. Those funds were then used to acquire commercial real estate, the OFR said, most of which are incomplete with defaulted mortgage loans.

Goldberg apologized for any pain caused by the workout period. He was only appointed receiver in early December to take over a workout process that had been under way for months. He said he’s been meeting with groups of investors almost every weeknight.

“I am very sorry if people are being collaterally hurt by this, but I can assure you the creditors in receivership are also hurt, and are out tens of millions of dollars,” Goldberg said. “Unfortunately, it’s a mess that needs to be dealt with.”

Richard Robles, attorney for the Four Ambassadors, said the hardship is different for residents there, especially ones like Rodriquez.

“When she talks about putting off expenses, she means groceries,” Robles said. “That’s a completely different thing than these investors are facing.”

A recent $1.7 million special assessment at the Four Ambassadors only included a tiny portion for the ballroom’s bad debt, with the rest being capital improvement and repair projects. But managers fear the bad debt could grow worse. The Four Ambassadors is already among the Miami developments with the most foreclosures – 30 current and about 30 more pending.

The monthly maintenance fee on a one-bedroom unit is $698. The recent special assessment hit those owners with an additional $2,286 spread over six months.

Goldberg said he’s interested in selling properties like the ballroom for the right price.

“Anything is always for sale, on the right price and terms,” he added. “But we’re not letting anybody steal it here.”