On Thursday, Bank of America, who's owed $205 million by Cabi Downtown LLC for construction loans, will be in bankruptcy court to hear a ruling by the judge on the bank's motion to dismiss the reorganization or modify the so-called automatic stay to permit foreclosure of the 49-story Everglades on the Bay Miami condos for sale.
The bank has filed another motion asking the bankruptcy court to stop leasing unsold units, if Cabi survives Thursday's hearing.
Some of the 244 units under lease the bank says were rented in violation of the owner's own standards. The motion alleges that 49 units were rented to individuals without any background or credit check and 42 units were rented to people with substandard credit scores, and nine of the Miami condos for sale are occupied by convicted criminals.
Full Article....Miami condos for sale, Miami real estate
1 comment:
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