Monday, August 4, 2008 - 2:48 PM EDT

WCI bankruptcy filing details mortgage holdings

South Florida Business Journal - by Brian Bandell

More than 30 properties in WCI Communities portfolio are secured by two of its largest mortgages.
Bank of America, Wachovia Bank and KeyBank are the leading institutions representing the mortgage lenders.

In the Chapter 11 filing, their claims encumber properties that could be refinanced, sold at a discount or turned over to the banks.

County court records show that in October, WCI and its affiliates took out a $962.5 million mortgage on its properties in Florida and New Jersey, which had a collateral value of $1.44 billion at that time.

Bank of America serves as collateral agent for the benefit of the lenders while KeyBank is the administrative agent for the lenders. The identity of all the lenders is not revealed.

On May 28, this mortgage was modified to include additional collateral from WCI. At that time, the outstanding balance was $830.4 million and the value of its collateral property was $1.56 billion. Of that, $1.15 billion was located in Florida.

The properties under that mortgage include:

One Bal Harbour, Miami-Dade County

The Plaza at Oceanside, Broward County

Resort at Singer Island, Palm Beach County

Lesina at Hammock Bay, Collier County

San Anton at Lost Key, Escambia County

Le Jardin at Hammock Dunes, Flagler County

Castillo at Westshore Yacht Club, Hillsborough County

Florencia at the Colony, Lee County

Watermark, Hudson county, N.J.

The second major mortgage was made in December 2004, with Wachovia Bank as the agent on behalf of the lenders. It was for $356.2 million. Additional property was added on May 28.

That mortgage covers:

Miami Dade County: One Bal Harbour and Mosaic at Miami Beach

Broward County: Cypress Point at Heron Bay, Coral Creek and Heron Preserve

Palm Beach County: One Singer Island and Resort at Singer Island

Flagler County: Cambria at Hammock Dunes

Collier County: Serano at Hammock Bay

Duval County: Costa Verano at Jacksonville Beach

Escambia County: San Andres at Lost Key, Santa Amaro at Lost Key and La Salbordora at Lost Key

Lee County: Pelican Landing, Pelican Colony Golf Course, Mareala at Tuburon, Hammock Bay, Marquesa at Tiburon, Pallino at Tiburon, Manchester Square and Coconut Point

Sarasota County: Venetian Golf and River Club

Manatee County: Tidewater Preserve

Hillsborough County: Sun City Center, Maplewood Condominium, Portsmith Condominium, Oakley Green Condominium, Westshore Yacht Club and Toscana II