315 LLC, the developer of Fort Lauderdale's Strada 315 condo filed for Chapter 11 even after selling 48, about 40 %, of the 117 units in the two months since completing construction. Strada 315 LLC of Delray Beach was denied an extension of a $34.8 million dollar construction loan by Regions Bank on the project at 315 NE Fourth Street in Flagler Village. The builder is affiliated with Delray Beach's Southpoint Realty Development.
According to court documents, Regions Bank would not extend the million dollar construction loan on the project, at 315 N.E. Fourth St., which finished construction about two months ago. The bank also put a hold on any "excess proceeds" from unit sales, and Strada is unable to pay subcontractors and creditors.
Strada indicated in its bankruptcy filing that their assets and liabilities were between $10 million and $50 million each but did not provide detail.
Surfside-based Beach House Property LLC, which is connected to Beach House Designed by Richard Meier, at 9449 Collins Ave., filed for Chapter 11 bankruptcy protection on Friday. The 101-unit condo was to break ground on the property of the Beach House Hotel last year.
The company owes its 20 largest unsecured creditors $4.6 million dollars
Contributed by MLR Realty
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