The Real Deal Miami

Foreclosure hits Paramount

February 16, 2009 10:58AM

Hillcrest Bank, which loaned $22 million to Boca Raton-based RPC Diversified Holdings, has filed for foreclosure on Paramount Park, a mixed-use development across from the American Airlines Arena in downtown Miami. RPC planned to build 300 condos, 286 hotel rooms and 10,000 square feet of retail space. It’s the third foreclosure proceeding against a project involving RPC Principal and CEO Daniel Kodsi.