One reader kept going back to Joe Celestin, the former mayor: Blaming poor Joe.
And, we all know by now that Michael Swerdlow bailed on the deal at Biscayne Landing, with lots of lawyer language of NO Responsibility (see page from Mortgage at end of last post). And we all know that Michael Swerdlow is manager of: BONEFISH PARTNERS, LLC which gave a lot of money in the last county commission election to incumbents. But that is an aside.
Here is what is creepy: Look what I found on line! Swerdlow gave Joe Celestin, Former Mayor of North Miami, who has questionable credit at best, a $400,000 Balloon Mortgage! In fact, Joe actually has at least 3 active judgments against him (totaling $131,247):
MADISON CAPITAL CREDIT CORP, J04000015883 Expiration 2/12/09 $31,204
WESTPORT RECOVERY CORP, J04000035667 Expiration 4/06/09 $67,531
SAFWAY SERVICES, INC., J05900000284 Expiration6/28/2010 $32.512
Hit on the first page of mortgage to see it full size. And as you look at the page maybe you can tell me why Bonefish/Swerdlow would be so kind to throw almost a half million at someone with such bad credit? Payback???
Something ain’t right in North Miami! Where has the Miami Herald been?
10 comments:
That is interesting.
Rather strange bed fellows?
It must be a Joe thing? They both did great things with their homes. Miracles even.
Also, take a look at who prepared the instrument.
Old City Attorney!!
former North Miami city manager was driven out of town, look what he is up to:
Lee R. Feldman selected CITY MANAGER OF THE YEAR 2006 Florida ...
How do you get a balloon mortgage for $400,000 against a property assessed at $123,134?
Joe was a always a flim flam man. It is finally caught up to him.
Poor Joe? hope that was scarcasm i read there. doesnt sound like he's too poor to me. $400,000! just like the game show - Deal? Or No Deal? ha ha ha
where has the Miami Herald been?
the one good investigative reporter has been covering the massive affordable housing scandal at county.
who reads that rag anyway?
Heres the deal. the loan has already been passed over to a bank. it satisfies the judgments and 2 mortgages on the property leaving maybe 50,000. when construction is completed on the house it will appraise for close to 650K depending on the market. joe's all smoke and mirrors.no real risk to swedlow.
last reader:
Do you know where this house is? I don't know that anyone would pay that much for this house.
And there appears to be a house on it now.
whatever:
your math is off big time. when he pays off all the debt, he won't have money to pay the developer back, however we know that was never meant to happen anyway. This house could sell for maybe 300 thousand (it borders 95).
drive the surrounding neighborhood, sherlock. the lot is a nice size and the adjacent land may be in play here too. joe couldnt get a loan to save his life so it was back doored for him. who ever ends up holding the paper on this deal will make out. these people are neither stupid or philanthropic....
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