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PNC Bank, National Association v. Suite 208 Holdings, LLC

United States District Court, M.D. Florida, Orlando Division

May 31, 2018

PNC BANK, NATIONAL ASSOCIATION, Plaintiff,
v.
SUITE 208 HOLDINGS, LLC., RICHARD POWELL, SR., RICHARD POWELL, JR., JOSEF POWELL and FRANTZ ALPHONSE, Defendants.

          AMENDED REPORT AND RECOMMENDATION [1]

          DANIEL C. IRICK UNITES STATES MAGISTRATE JUDGE.

         This cause comes before the Court for consideration without oral argument on the following motion:

MOTION: RENEWED MOTION FOR DEFAULT SUMMARY JUDGMENT (Doc. 34)
FILED: December 21, 2017
THEREON it is RECOMMENDED that the motion be GRANTED in part and DENIED in part.

         I. Background

         This case stems from two loans that PNC Bank, N.A.'s (Plaintiff) predecessor, RBC Centura Bank (RBC), [2] extended to Suite 208 Holdings, LLC (Suite 208) in May 2007 (collectively, the Loans), as well as a line of credit that Plaintiff extended to Suite 208 in November 2012. Docs. 1; 1-1 at 8-11; 41-48; 78-81. The principal amount of the first loan (Loan 1) was $195, 000.00, with an interest rate of 8.45% per annum. Doc. 1-1 at 8. The principal amount of the second loan (Loan 2) was $53, 325.57, with an interest rate of 8.25% per annum. Doc. 1-1 at 41. The line of credit had a limit of $25, 000.00. Doc. 1-1 at 78. Suite 208 executed promissory notes in relation to each of the Loans and the line of credit. Doc. 1-1 at 8-11, 41-48, 78-81. The Loans and the line of credit were each secured by guarantees executed by Richard Powell, Sr., Richard Powell, Jr., Josef Powell, and Frantz Alphonse (collectively, the Individual Defendants). Docs. 1; 1-1 at 24-39, 61-76, 83-98. The Loans were also secured by separate mortgages on real property located at 6000 Metrowest Blvd., Suite 208, Orlando, Florida 32835 (the Metrowest Property). Docs. 1; 1-1 at 13-22, 50-59.

         Plaintiff alleges that Suite 208 and the Individual Defendants (collectively, the Defendants) have not made monthly payments on Loan 1 since December 25, 2016. Doc. 1 at ¶ 21. Thus, Plaintiff alleges that Suite 208 is in default under Loan 1, and, based on the terms of Loan 2, Suite 208 is in default under Loan 2, which, as of November 2014, included the debt accrued under the line of credit opened in November 2012. Id. at ¶ 22; see Doc. 1-1 at 102. Plaintiff, likewise, alleges that the Independent Defendants have breached their respective guarantees by failing to make payments on the Loans. Doc. 1 at ¶¶ 32, 38, 44, 50, 71, 77, 83, 89. On March 23, 2017, Plaintiff sent Defendants a letter notifying them of the default, and demanded the remaining balances on Loan 1, which, according to the letter, had a principal balance of $150, 138.52, and Loan 2, which, at that time, had a principal balance of $15, 219.35, be paid in full no later than April 7, 2017. Docs. 1 at ¶ 23; 1-1 at 104-111. Defendants failed to pay the remaining balances on the Loans. See Doc. 1.

         Plaintiff filed a complaint against Defendants asserting the following claims, which can be grouped as follows:

         Claims related to Loan 1:

• Count I - Breach of contract against Suite 208;
• Count II - Breach of guaranty against Richard Powell, Sr.;
• Count III - Breach of guaranty against Richard Powell, Jr.;
• Count IV - Breach of guaranty against Josef Powell;
• Count V - Breach of guaranty against Frantz Alphonse;
• Count VI - Foreclosure;

         Claims related to Loan 2:

• Count VII - Breach of contract against Suite 208;
• Count VIII - Breach of guaranty against Richard Powell, Sr.;
• Count IX - Breach of guaranty against Richard Powell, Jr.;
• Count X - Breach of guaranty against Josef Powell;
• Count XI - Breach of guaranty against Frantz Alphonse;
• Count XII - Foreclosure.

Doc. 1. In light of the foregoing claims, Plaintiff requested: 1) an award of damages against Defendants with respect to Loan 1 totaling $158, 715.48, plus interest thereafter at a rate of $35.24 per diem; 2) foreclosure of the first mortgage on the Metrowest Property; 3) an award of damages against Defendants with respect to Loan 2 totaling $14, 701.06, plus interest thereafter at a rate ...


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