The Real Deal Miami

Mas family hit with $2.4M foreclosure suit over mixed-use Coral Gables project

December 28, 2009 05:52PM

Miami-based bank TotalBank is suing the wealthy Mas family in a $2.4 million lawsuit over Old Spanish Village, a seven-acre live-work community in downtown Coral Gables. While a few townhouses were built after ground was broken in 2007, much of the project, which includes 195 townhouses and a 16-story, 206,000-square-foot office tower, remains incomplete. The project is being largely financed by a $42 million mortgage from First Bank Puerto Rico and is being developed by Ponce Circle Developers, a partnership comprised of Jose Mas, Juan Mas and Raphael Sanchez of the Sanchez Group. TotalBank has alleged that the developers have defaulted on a $2.4 million promissory note by missing monthly payments starting in August. Miami attorney Roger Slade, who is representing TotalBank in the lawsuit, said the bank won’t settle for anything less than the full repayment of the loan. In addition, Ponce Circle Developers currently has 11 contractor liens totaling $633,415, which are pending in Miami-Dade County Circuit Court. [SFBJ]