Wells Fargo Bank is asking a judge to take control of a troubled Boca Raton, Fla., condo conversion that the bank lent $91 million to purchase and redevelop, according to a suit filed in Florida state court. Wells Fargo claims that the developer failed to make its loan payments in a case that could be the largest recent real estate loan default in South Florida. The bank is demanding that the property go into receivership and that the developer return $73.9 million.
July 16, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Wells Fargo Bank is asking a judge to take control of a troubled Boca Raton, Fla., condo conversion that the bank lent $91 million to purchase and redevelop, according to a suit filed in Florida’s Palm Beach Circuit Court.
Wells Fargo claimed in the suit filed July 5 that the Boca Raton developer, BelAire at Boca, failed to make its loan payments.
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