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The $7.6 million foreclosure action was filed on June 3againsy Miami-based South Florida Hotel Inc., according to Miami-Dadse County Circuit Court records. The complaint also namee Cayman Islands-based Banif Multi-Fund, which gave Southh Florida Hotelsa $3 million mortgagw in 2007. The 286,000-square-foot, three-story Miami Merchandiswe Mart is at777 N.W. 72nd Ave., just southy of the . The building contains 458 commerciapcondo units. Republic Federal Bank wants to seiz e the 327 units that belong to SouthFlorida Hotel. Thesee units are showrooms and many of them are leasedf to local small business owners selling theirwarexs – often to South American and Caribbean businesws people.
The mart hosts a variety of trade shows throughthe year. The mart is owned by Pinecresgt residentGeorgi Zaczac, who also owns the Sheraton Miami Mart Hotel, according to state records. That hotel filed for Chapterd 11 bankruptcy organization in July 2008 undedr the nameSF Hotel. Zaczac filed personal Chapterr 11in December. His name is stillp listed in state records as the managert of both the merchandise mart and the A message left at the executive office of the Miamoi International Merchandise Mart was not immediately The $7.6 million foreclosure could also provd costly to Republic Federal Bank. An $11.
5 million loss in the firsf quarter pushed it to undercapitalized statuas as ofMarch 31, according to data. The bank’ s $57.7 million in noncurrent loans represented 15.5 percent of its total loans. The executives at Republic Federap Bank have openly talked about seeking an investment to boostf itscapital levels. Miami-based attorney David J. Smith, who represents Republi Federal Bank inthe lawsuit, declined to
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