The Real Deal Miami

Royal Palm Beach project in auction

August 25, 2010 12:00PM

A mixed-use project in Royal Palm Beach has lost a $14.2 million
foreclosure action, sending the project to auction. Wachovia Bank won
the judgment against Cypress Key Commercial Development and Cypress Key
Residential Development. The loan was granted for $53.5 million five
years ago, but only a portion of the construction loan was actually
distributed. Cypress Key started work on the project in 2006, but did
not complete the plans for 125,000 square feet of office space and
retail space, along with 124 townhouses and 23 single-family homes. The
auction will take place Nov. 23. [SFBJ]