The Real Deal Miami

Boca Developers collapses

September 15, 2008 12:08PM

Lenders are calling in chits for Deerfield Beach-based Boca Developers which faces its fifth demand by a lender to turn over property. It could be the largest developer meltdown in recent South Florida history. The New York hedge fund Cerberus Capital Management received approval from Boca Developers’ primary mortgage lender to take the Oaks at Biscayne Landing, a 373-unit condo project in North Miami, away from the developer, which defaulted on loans on the property. That’s the fifth project this year that the company has been either asked to or legally pressured to turn over to lenders.