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Hollywood warehouse is on the verge of foreclosure after its owner allegedly failed to repay a significant loan. David Frank's company, which operates medical supply distribution businesses from the property, defaulted on an $1.8 million loan and a $10.8 million revolving line of credit secured by the 8,640-square-foot building at 1980 Grant Street. The lender, Woodforest National Bank, filed a foreclosure complaint in Broward County Circuit Court on October 4.

    Frank purchased the property for $875,000 in 2020 and renovated it the following year. The warehouse is now listed for sale at $2.7 million. According to court records, Frank obtained the loan and line of credit in 2021, which also benefited his medical supply entities without an interest in the property. A forbearance agreement was reached with Woodforest in January, but Frank allegedly defaulted on it in June.

    Foreclosures of South Florida commercial properties are increasing, regardless of the amount owed by borrowers. In a separate case, Altamar Financial Group filed a foreclosure lawsuit against Alain Piedra-Hernandez's entity for defaulting on a $4.8 million mortgage. Värde Partners also sued an affiliate of Affinius Capital for allegedly failing to repay a $68.4 million loan secured by the Columbus Center office complex in Coral Gables, with the debt ballooning to $77.4 million including interest and late fees.