The Real Deal Miami

For Miami subsidized housing developer Carlisle, bank suit court date set on top of grand jury woes

May 07, 2013 03:30PM
By Emily Schmall

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Matthew Greer

Carlisle Group Inc., the predecessor to the Carlisle Development Group, a Miami-based subsidized housing developer with more than $1 billion in completed projects, has a trial date set for a supposed $5.1 million loan default at Alabama-based Regions Bank.

The court action preceded last week’s disclosure that Carlisle Development Group is facing a grand jury investigation into allegations that it defrauded taxpayers by padding construction costs for public projects in Miami-Dade and Broward counties.

The grand jury is focusing on two of Carlisle’s chief executive officers, Matthew S. Greer, and retired CEO and founder Lloyd J. Boggio, as well as a general contractor Michael K. Runyan, according to the subpoena.

The for-profit Carlisle Group, the third-largest affordable-housing developer in the U.S., has received accolades for its well-designed apartment buildings.

Regions has said Carlisle violated a 2002 contract when it defaulted on a $6.5 million loan. Carlisle has denied liability in the case.

According to local press, Carlisle has completed more than 80 projects with a value of about $1.4 billion.

Over a decade, the defendants donated at least $68,000 to South Florida political action committees, particularly for mayor and commission races, local media reported.

A U.S. District Court judge denied Carlisle Group Inc.’s request for a dismissal in the Regions suit and set the trial date for September 2014.

CORRECTION: A previous version of this article incorrectly stated that Miami-based Carlisle Development Group had a trial date set for September after a disclosure that the company is under grand jury investigation. Carlisle Group Inc., the predecessor to Carlisle Development Group, had a trial date set for September 2014 before the the disclosure about Carlisle Development Group.

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