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Developer Adrian sues Ocean Bank for $58 million
The bank foreclosed on three of Adrian’s properties in the fall of 2008
Developer Peter Adrian has filed a lawsuit against longtime lender
Ocean Bank, alleging fraud and civil conspiracy. Adrian is seeking
damages in the amount of $58 million. Adran was developing three
properties in South Florida, including one in Doral, in Oct. 2008, when
Ocean Bank foreclosed. According to Adrian, he was working from Jan.
2008 to Sep. 2008 to negotiate extensions with the bank, including some
repayment offers, but the bank declined. The foreclosed properties
include Adrian at Pebble Walk in Doral, Indian River Park of Commerce
in Indian River County and Bahia Honda “Vero Village” in Vero Beach. [Miami Herald]