A subsidiary of Miami-based developer Merco Group has been slapped with a $30 million foreclosure suit after allegedly skipping payments since June on an unbuilt Florida condo project. The developer has for months rebuffed efforts by would-be unit buyers to get refunds on deposits totaling millions of dollars for condos at the project that shows no signs of construction any time soon. Eastern Financial Florida Credit Union filed the foreclosure suit against Merco Group of the Palm Beaches.
October 26, 2007 at 12:00 AM
1 minute read
The original version of this story was published on National Law Journal
A subsidiary of Miami-based developer Merco Group has been slapped with a $30 million foreclosure suit after allegedly skipping payments since June on the unbuilt Palladio Terrace condo project in West Palm Beach, Fla.
The developer has for months rebuffed efforts by would-be unit buyers to get refunds on deposits totaling millions of dollars for condos at the project that shows no signs of construction any time soon.
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