Space Coast CU Forecloses On Former Eastern Financial MBL

Published March 17, 2013, 4:55 p.m. EDT

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Updated August 26, 2020, 10:24 p.m. EDT

1 Min Read

MELBOURNE, Fla. Space Coast CU has filed papers to seize an industrial building in Miami Lakes after the tenant filed Chapter 11.

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The credit union filed a foreclosure lawsuit on March 12 against Lakes Holding LLC over a mortgage last modified at $2.5 million in 2010. The loan was originated by Eastern Florida Financial CU, which fell into financial distress and was merged into Space Coast in 2009.

The suit targets the 48,992-square-foot industrial building, which was purchased for $3.2 million in 2006.

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