New Jersey-based Meecorp Capital Markets claims Ocean Bank, which is headquartered in Florida, made improper and unilateral changes to the terms of financing for a Florida condo conversion that eventually pushed the Boca Raton project into foreclosure. Ocean filed a $50 million foreclosure against the project in June and as a result, Meecorp, which is the project's mezzanine lender, stands to lose its entire investment in the project and the $3.5 million loan it made to get the project off the ground.
November 21, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A New Jersey-based lender has filed a federal lawsuit against Miami’s Ocean Bank seeking more than $3.5 million for its losses in a South Florida condo conversion.
Fort Lee, N.J.-based Meecorp Capital Markets claims Ocean Bank made improper and unilateral changes to the terms of financing for the Villa Mare condo conversion that eventually pushed the Boca Raton, Fla., project into foreclosure.
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