Deal in works to save condo facing liens [South Florida]
Could there soon be an end in sight to the foreclosure quagmire at The Whitney, West Palm Beach’s newest condo?
Developer Enrique Dillon confirmed he’s crafting a deal to satisfy a foreclosure and liens on the 210-unit building at Evernia Street and South Dixie Highway.
In January, California-based lender iStar FM Loans filed a foreclosure suit in Palm Beach County Circuit Court against The Whitney’s developer, Evernia Properties LLLP. IStar claimed it is owed $37.3 million on a $52.5 million loan. That lawsuit follows an October lien on The Whitney filed by its builder, Bovis Lend Lease. Bovis claimed it is owed $2.86 million on a $43 million contract for construction of the eight-story project.
The legal actions put the brakes on closings by buyers of the upscale condo. The legal wranglings also underscore how the real estate crunch is trapping banks, developers and buyers.