Condo construction halted; lender files for bankruptcy
When a Las Vegas lender plunked down money from retirees, investors and even a medical research firm’s pension fund to finance construction of a West Palm Beach high-rise condo, everyone gambled that red-hot Florida real estate was a sure thing.
Low-income residents of the apartment complex moved, heavy construction equipment rolled in, millions of dollars were borrowed and dozens of investors saw double-digit returns on investments.
Now, all bets are off.