The Real Deal Miami

Developer sues Wachovia

August 20, 2008 10:57AM

Litigation continues in the development of a 531-unit residential condominium community known as Promenade Lakes at Doral. Its developer, Promenade at Doral II LLC, an affiliate of Boca Raton-based E.B. Developers, has filed a counterclaim in Miami-Dade County Circuit Court against Wachovia Bank. The claim alleges a breach of contract, bad faith and unfair dealing; it seeks damages in excess of $1 million. Wachovia on March 13 filed a foreclosure lien against the balance of a $50 million construction loan for the project.