JUL012009

$130 Million CityPlace South

In what is being termed as a “friendly foreclosure,” The Related Group is handing over control of its new 420-unit CityPlace South Tower in West Palm Beach to a consortium of partners led by Toronto-based Scotia Capital, a subsidiary of Bank of Nova Scotia. Their attorney Cherish Thompson filed a foreclosure lawsuit against CityPlace South Tower Wednesday in Palm Beach County Circuit Court. The complaint was based on the $134.7 million mortgage the bank and its partners gave the developer in 2006.
The project is 100 percent complete and all construction debts and obligations have been satisfied, Jorge Perez, chairman and CEO of the Miami-based Related said in a press release.

SOURCE: South Florida Business Journal

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