The Real Deal Miami

Foreclosure for CityPlace

July 02, 2009 10:20AM

alternate textRelated’s Jorge Perez and CityPlace South Tower

Developer the Related Group will turn over the 420-unit CityPlace South Tower in West Palm Beach to an investor group headed by lender Scotia Capital. Scotia, a unit of Bank of Nova Scotia, filed a foreclosure suit Wednesday, and Related worked out an agreement to give the group control over all unsold units, which is being termed a “friendly foreclosure.” Only 39 units closed in 2008 after buyers walked away from contracts. Related CEO and Chairman Jorge Perez said all construction debts had been paid. [Miami Herald] and [SFBJ]