iSquare's Mathin faces Windermere home foreclosure, out-of-state debt collection

The developer of the long-proposed iSquare Mall + Hotel on International Drive is facing a new foreclosure lawsuit, this time on a second home in Windermere, as well as a new debt collection effort for a court judgment in Chicago. 

An affiliate of Ohio-based real estate brokerage and investment group The Cadle Company is pursuing a debt of $250,500 from Abdul Mathin. The case is wholly separate from his development company The BlackMINE Group and its plans for a 23-story mall and hotel on northern I-Drive. 

An affidavit and out-of-state judgment were recorded on May 24 in Orange County's Ninth Circuit Court. Back in July 2013, Illinois' Cook County Circuit Court (serving Chicago) entered a judgment against Mathin and in favor of plaintiff Ben H. Arkes for that amount, the result of a complaint Arkes filed in June 2011 over a real estate loan contract.

In September 2004 and October 2009, Arkes loaned Mathin a total of $300,000 for planned renovations of a building for conversion to medical offices, according to the Illinois court record. 

Mathin only paid back $65,000 of the debt owed up through June 2010, per the original complaint. 

Arkes was the co-founder of Chicago-based Hinda Incentives, which started in 1970 as a consumer electronics distributor but today is a market leader in electronic auctions and corporate incentive programs. 

In April of this year, Arkes assigned the judgment to a Cadle Company affiliate, which is now pursuing Mathin in Florida to collect the debt. 

The other complaint filed against Mathin on May 24 is a non-homestead residential foreclosure request by Fifth Third Bank, placed on the developer's second home.

Mathin's investment affiliate ANAA Holdings VII, LLC owns the property, a one-story home with 3,500 square feet of conditioned area on Windermere's Chestnut Ridge Drive, which he and wife Nushat Mathin bought in May 2006 for $1.395 million.

Mathin has been in default on that home's mortgage since August 2012, with more than $1.69 million owed when totaling principal, interest, taxes and insurance, according to the complaint. 

In response to the two new court filings, Mathin told GrowthSpotter on Thursday "These are disputed claims, we will deal with it."

A Fifth Third Bank official also filed documentation indicating settlement negotiations will be attempted with Mathin.

The Mathin family's primary residence is another home in Windermere on Latrobe Drive. That 6.5-acre property features a home with more than 10,100 square feet of conditioned area, and was bought in 2004 for $6.5 million, according to county property records. 

They have a third home, also on Latrobe Drive owned by affiliate ANAA Holdings VI. It was built in 1989, has 4,700 square feet of conditioned area, and cost the family $1.6 million in 2006. 

For the proposed iSquare project, Mathin is facing a $1.394 million debt owed to HKS Architects for its unpaid work on the project, according to an arbitrator's ruling first reported by GrowthSpotter on May 11. 

That debt challenge for Mathin on iSquare follows his announcement on May 7 of having reached an 18-month extension agreement with a lender over foreclosure on the I-Drive property. 

Real estate financing advisor Ablum Brown & Company is working with Mathin to re-market the iSquare development to private equity groups and institutional lenders to fund its construction. 

On June 1, a voluntary dismissal notice was filed with Orange County Court in Mathin's favor for a foreclosure suit made against an office property he owns in MetroWest. Bank of the Ozarks and its successor settled with Mathin over the roughly $4.3 million his affiliate owed on a defaulted loan. 

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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