Fractured condo in Boynton Beach faces foreclosure

Nearly half of the condo units in Pelican Point at Boynton Beach have been targeted in a $2.5 million foreclosure lawsuit.

Pembroke Pines-based Power Financial Credit Union filed a foreclosure complaint Sept. 4 against Boynton Partners LLC, along with loan guarantors Lawrence Allen Levine, Carrie T. Schulman and Howard A. Levine. It concerns 50 units in the condominium at 401 S.W. First Court.

The loan was originated by Compass Bank for $10.3 million, then assigned to TransCapital Bank in 2007 and modified to $5.5 million. Power Financial Credit Union acquired TransCapital Bank in 2019. According to the complaint, the borrower allegedly defaulted by failing to make payments starting May 6 and not paying property taxes, and owes $2.5 million in principal, plus interest and fees.

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