The Real Deal Miami

Downtown condo files Chapter 11

August 20, 2009 01:47PM

Everglades on the Bay, one of Miami’s most notable downtown condominium projects, filed for bankruptcy protection. A petition from Cabi Downtown LLC Developers said the tower had $100 million to $500 million in liabilities. The financially troubled project had its $256 construction loan come due February 18, after an extension from November 2008. Bank of America was the lender, but court records do not show how much it is owed. Gryphon Construction of Fort Lauderdale was listed as having the largest unsecured claim, at $912,272. Miami-based law firm Siegfried, River, Lerner De La Torre & Sobel claimed $395,456, and Holly Sime Realty of Miami seeks $193,750.