Article Abstract: Even ritzy development projects can't hid from the rising Florida foreclosure woes. Miami Beach-based Ocean Bank, the lender for the Hallandale Yacht Club has had its fair share of risky development deals. Almost a quarter of its development loan portfolio was past due at the end of September. For the full Miami Beach foreclosure article please read below:

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The Yacht Club condominium in Hallandale Beach is on course for a foreclosure from Miami-based Ocean Bank.

The bank filed a notice of foreclosure on Nov. 12 against BHG The Yacht Club in Broward County Circuit Court. The action covered 33 unsold units in the waterside project, at 301 Golden Isles Drive. Court records show the developer sold 35 deeds for the Yacht Club. According to Ocean Bank's complaint, BHG The Yacht Club owed it nearly $6.7 million in principal and interest as of Nov. 11.

The developer, an affiliate of Miami-based condo converter RB Gem Management, bought the site in 2005 for $15 million, and obtained an $18.9 million mortgage from Ocean Bank. The mortgage was modified in February 2008, with the $7.9 million balance due the following month.

Jose A. Casal, an attorney with Holland & Knight in Miami who represents Ocean Bank, declined to comment.

Ocean Bank has dozens of pending foreclosure lawsuits against development projects in South Florida. Nearly 21 percent of its loans were past due as of Sept. 30.