MIAMI, FL -- As the South Florida condo market shows signs of a rebirth, one of the first post-crash projects to be revived from the last boom - the proposed 369-unit Sky Palace at Mary Brickell Village tower (top left rendering) in the Brickell Avenue Area of Greater Downtown Miami - is faced with a potential setback.
A foreclosure lawsuit has been filed by the lender of record - MBV Investment Holdings LLC with authorized representative James W. Shindell - against the proposed project's developer - Skypalace Development LLC with Evangeline Gouletas (middle right photo) as managing member - seeking repayment of a $7.4 million mortgage provided in April 2011, according to the South Florida Business Journal and Florida Secretary of State records.
The foreclosure action also names a second lender - LNR-LYND MBV LLC with a Southern California mailing address of LNR Property's Commercial Property Group - that provided a $1.5 million loan just weeks earlier in February 2012 to Skypalace Development LLC, according to the South Florida Business Journal and Miami-Dade County records.
It is unclear what impact if any the foreclosure action will have the proposed 35-story tower that is slated to stand atop the Publix Super Market at the Shops At Mary Brickell Village (lower left photo) open-air retail center on Southwest 1st Avenue in the Brickell Avenue Area, industry watchers said.
For a complete copy of the company’s news release, please contact:
Condo Vultures® LLC, ia real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154.
PH: 800-750-0517.
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