Law Suits & Courts

BofA says ‘school’s out’ with foreclosure

Posted on Monday, April 4, 2011

Bank of America is about to give the students at Baldwin Preparatory School in North Palm Beach an economics lesson that could send them packing.
The banking giant (NYSE: BAC) filed a foreclosure lawsuit March 11 against the for-profit Baldwin Preparatory School, along with managing members Gena S. Baldwin, Mark A. Baldwin and Georgene Nicastro. It targets the school’s 18,424-square-foot facility at 200 Castlewood Drive, in addition to the guarantors’ homes in Jupiter.
According to the school’s website, it was founded in 2003 in a smaller facility with 22 students. GreatSchools.org lists Baldwin Preparatory as having 75 students in kindergarten through 12th grade.
Officials with the school did not immediately return a message left seeking comment.
BofA’s lawsuit concerns a $1.2 million mortgage issued in 2008, the same year, the school purchased the building for $2.15 million. The complaint also names the Florida Business Development Corp., which holds an $836,828 mortgage on the school.
An associate of Miami attorney Juan A. Gonzalez, who represents BofA in the lawsuit, declined comment.
South Florida Business Journal - by Brian Bandell


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