The Real Deal Miami

AmTrust forcecloses on Landmark at Doral

November 06, 2008 10:03AM

Mixed-use development Landmark at Doral won’t be completed
any time soon. AmTrust Bank has filed a foreclosure lawsuit against the 120-acre
project. It was based on the $124.4 million in mortgages AmTrust
granted the developer in 2005. Boca Raton-based EB Developers said most
of the site work has been done in advance of beginning construction.
Since EB Developers owner and CEO Elie Berdugo died in February, two
additional residential projects by EB Developers in Miami-Dade County — a 1,280-acre farmland site and a 41-acre site in Palm Beach County — and
another by a related company in Miami have faced foreclosure lawsuits.
AmTrust held a $22.5 million mortgage on the farmland as of May 2007,
and it won a $16.5 million foreclosure judgment on the 41-acre site in
Boynton Beach.