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iami Beach investor Fred Karlton and his partner Beneficial Funding Corp. have secured an $8.7 million foreclosure judgment against JB Green, owner of a 12-story office building near Coconut Grove. The property at 3150 Southwest 38th Avenue is set to be auctioned off on December 9. Miami-Dade Circuit Court Judge Thomas Rebull ruled in favor of Karlton and Beneficial Funding after a four-year legal battle, finding that JB Green's owner William Holly made false claims about the loan documents being fraudulent.

    Holly claimed the loan documents were forged, but Judge Rebull found his testimony not credible. "I think Judge Rebull was very careful and thoughtful in his deliberation of the facts," Karlton said. The court also found that Holly attempted to conceal conflicts of interest from JB Green's majority owner Jacques Berrebi.

    JB Green paid $39.2 million for the office building, known as Miami Green, in 2016. Beneficial Funding provided a $5.7 million hard money loan to refinance a previous mortgage, but JB Green allegedly defaulted on the payments. The debt ballooned to $8.7 million over four years. A trial witness, Christos Christidis, testified against Holly, who was found to be lying about his role in obtaining the mortgages.

    The defendants have filed an appeal, and their attorney did not respond to a request for comment. Beneficial Funding's president, Leydi Wohlfeld, said the ruling brought "the truth" to light after a four-and-a-half year battle.