The Real Deal Miami

Bid to halt CityPlace foreclosure fails

September 01, 2009 12:27PM

Buyers at CityPlace South Tower who fear their deposit claims could be wiped out in foreclosure proceedings were dealt a legal setback when a judge denied their request to allow them to settle claims before finishing the proceedings. Buyers’ attorneys Joseph Altschul, Jonathan Kline and Robert Cooper said their clients will have little chance to have their claims honored by the Related Group under the so-called friendly foreclosure underway with Bank of Nova Scotia, the lender to the project. Bank of Nova Scotia was the only bidder in the $120 million foreclosure, taking 370 unsold units at the 420-unit CityPlace building with a minimum $100 bid.