The Real Deal Miami

TotalBank forecloses on Fisher Island development

August 25, 2010 09:45AM

Condo complex 5th Avenue at Delray

TotalBank has brought a foreclosure action on a Fisher Island
condominium used as collateral by the developers of Fifth Avenue at Delray in Delray Beach. The suit, which was filed in Palm Beach County
Circuit Court, names 5th Avenue at Delray, along with developer brothers
Jesus and Victor Carvallo, and their wives, who guaranteed the loan,
along with Fisher Island entities. It concerns a $26 million loan on the
Delray Beach development. “We’ve got a project that is relatively close
to completion and the borrower is refusing to complete the project,
despite repeated requests from the bank,” said Harold Lewis, the
attorney representing TotalBank. [Miami