The Real Deal Miami

Bahamas deal requires $24.2M repayment

June 15, 2009 11:46AM

A trio of Broward businessmen who personally guaranteed a development loan on the Chub Cay Club development in the Bahamas must repay the lender $24.2 million, a New York federal court ruled this week. The lender, a unit of Blackacre Capital Management, got the ruling against Fort Lauderdale contractor Bob Moss, businessman Walter McCrory, and Kaye Pearson. Pearson died in March, so the ruling affects his estate. The three men were among 41 investors who bought the island to build luxury homes. Cub Key, a 950-acre islet, is now up for sale.