The Real Deal Miami

Grupo Gicsa take hits in northern ventures

September 02, 2009 01:44PM

Mexico’s Cababie family, a real estate dynasty behind the Grupo Gicsa development company, may find its moves into the United States have done lasting damage. Their Miami condo project, Everglades on the Bay, last month entered Chapter 11 bankruptcy and had a foreclosure suit filed against it. A $300 million loan guarantee for a 2007 purchase of Southern California commercial real estate may also go in the loss column. The Gisca company said the downturn in the real estate market was unprecedented.