AmTrust files foreclosure against Sorrento Townhomes

AmTrust Bank has filed a foreclosure lawsuit in an effort to seize 52 townhomes in a Miami development.

The Cleveland-based bank filed the action Feb. 9 in Miami-Dade County Circuit Court against Sorrento Townhomes, Fort Lauderdale-based Spear Management Group and developer principals Jeffrey Spear and David Spear. It also named Coral Gables-based 149 Bird, which provided the developer with $2.2 million in seller financing when it sold the property to Sorrento for $3.1 million in 2006.