Tied in with the auction date is a deal Brazilian developer Sergio Naya has cut with the court and Orlando timeshare developer David A. Siegel to start paying off the $17 million first mortgage Siegel holds on the twin-building, 17-story, 408-unit Sandy Lake Towers.
Naya's first payment of $197,208 was due by 5 p.m. today. If it arrives, Siegel has told the court he will cancel an Orange Circuit Court-approved foreclosure auction scheduled for 11 a.m. Wednesday. Naya is paying off the Siegel mortage at 20% interest.
Siegel bought the first and fourth mortgages earlier this year from Arbor Commercial Mortgage Co. of New York. The Siegel mortgages were purchased through Investco LLC, a Boca Raton, FL-based company purportedly controlled by Siegel.
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