Met 1 developer gets loan from contractor
The developer of the Met 1, downtown Miami condos, acquired a $3.9 million mortg
age from a contractor who just withdrew a lawsuit against the developer over unpaid bills.In September, the developer of the 447-unit project, Bovis Lend Lease filed a $6.9 million construction lien against MDM downtown Miami condos. In August, the contractor filed a lawsuit, asking to foreclose on the property based on that lien. As it sold individual units, Bovis released MDM Residences from part of the liens.
Bovis voluntarily release its foreclosure complaint and signed a $3.9 million second mortgage with MDM Residences, on November 25. That loan is secondary to the developer’s first mortgage.
Full Article...Downtown Miami condos, Miami real estate
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