The Real Deal Miami

Financing squabble prompts lawsuit at Lauderdale condo-hotel

August 25, 2008 11:39AM

Fort Lauderdale developer South Florida Beach Properties sued KeyBank in Broward County Court over lending trouble at the Il Lugano condo-hotel, a $65 million project. The developer alleges that the bank pulled the plug on $38 million in financing in 2006. Another developer completed the 14-story building. Arnstein & Lehr attorney Alan Kipnis is defending the bank, and filed a motion to dismiss the case, claiming the developer had no standing.