IberiaBank Finds Buyer For Florida Marina

NEW ORLEANS (AP) — Lafayette-based IberiaBank was shouldered with problem real estate loans when it entered the Florida market, and it shed a high-profile portion of the debt in a recent real estate sale.

New Orleans CityBusiness reports the bank seized the Morgan Yacht Club in Delray Beach in September after filing a foreclosure lawsuit in July against the owners. It obtained title to the 3.25-acre marina and 9,845-square-foot clubhouse in return for forgiving a $17.5 million loan.

Records show the property was sold in November for $7.28 million — a 58 percent discount from the foreclosed mortgage value — to Seagate Marina and Seagate Yacht Club, both also based in Delray Beach.