The Real Deal Miami

Everglades on the Bay foreclosure case to be heard today

February 04, 2010 01:02PM

Developer Cabi Downtown will return to Miami bankruptcy court today to try to stave off a bid
for foreclosure by Bank of America, the construction lender to which
it owes $205 million. Bank of America is seeking to dismiss Cabi’s
bankruptcy reorganization efforts on the 49-story Everglades on the
Bay condo project in Miami and foreclose on the project, instead. Bank of America contends Cabi rented some
units in violation of its own rules and that it failed to conduct
background or credit checks. At least nine units were rented to
convicted criminals, it alleged. Cabi filed for bankruptcy protection
in August. The Everglades project has 849 units in two towers, and
features 60,000 square feet of retail space. Cabi is owned by Mexico’s
largest developer, GISCA. [Miami Herald]