The Real Deal Miami

Developer sues BoA

August 22, 2008 11:11AM

Urban Holdings, a Miami developer, filed suit against Bank of America for damages of more than $90 million, claiming the lender didn’t live up to its promise to provide construction funding for an office-condo project. Urbana said the Charlotte-headquartered bank agreed to loan $39.5 million for Logik 1, a 30-story, 133,000-square-foot development at 530 Northwest First Ct. Bank of America committed to providing half the loan, with the balance coming from other lenders brought in by the bank, the suit said.