Bank of America files foreclosure suit against builder Sterling Communities [South Florida]

Bank of America files foreclosure suit against builder Sterling Communities [South Florida]

Bank of America is eager to recover $20.5 million it lent to Boca Raton-based developer Sterling Communities to build a luxury community of single-family homes in Lake Worth.

But the giant lender, which filed a foreclosure suit in Palm Beach Circuit Court, is only the biggest of dozens of creditors seeking payment from Sterling.

Sterling, headed by president Paul W. Asfahl, owes money to numerous subcontractors who worked at Talavera, a community northeast of State Road 7 and Lake Worth Road with 77 single-family homes with starting prices