Karp company files Chapter 11

Paul Brinkmann | May 13, 2011

To view original article click here.                                                       

The company that owns the former Channel 10 TV studio building at 3900 Biscayne Blvd. has filed for Chapter 11 bankruptcy protection.

As the Business Journal reported in September, the building’s owner, 3900 Biscayne LLC, had defaulted on its loan conditions, even while making payments. A mortgage securing the $10.8 million loan is now held by BB&T Bank as successor to Colonial Bank.

Channel 10 vacated the three-story building in 2009. The building is leased to the Miami Arts Charter School.

Nancy Karp, wife of architect Kobi Karp, is a managing member of 3900 Biscayne who owns 67 percent.

She signed the bankruptcy petition dated May 12. It states the company has assets of $14.9 million and liabilities of $13.7 million.

BB&T previously filed a federal claim against Kobi Karp for his personal guarantee of the loan.

Karp, one of Miami’s best-known architects, owns Kobi Karp Architecture & Interior Design, which has designed such local projects as Caribbean Miami Beach, Sapphire in Fort Lauderdale and the proposed Empire World Towers in downtown Miami.

Nancy Karp accused BB&T Bank of failing in its obligations to work out the loan. BB&T has a loss-sharing agreement with the FDIC regarding former Colonial loans.

BB&T has not responded to requests for comment on case.

Karp provided architectural services on the 3900 Biscayne building so it could be used for the art school.

Bankruptcy attorney Peter Russin of Miami-based Meland Russin & Budwick is handling the bankruptcy filing.