The Real Deal Miami

Foreclosure lawsuit filed against estate home project

November 17, 2008 11:55AM

Regions Bank has filed a foreclosure lawsuit against Azura,
a Boca Raton gated residential community. Developer Polo Field Estates was building
92 homes with prices between $1.6 million and over $3 million at Azura, which is north of the Royal
Palm Polo Grounds. Polo Field Estates purchased the property for $20 million in
2004 and took out a $57.5 million loan. The developer sold seven of the homes
for $19 million between June 2007 and March of this year, but no homes have
been sold there since.