Broward developer files for personal bankruptcy

A developer in the Parkland Town Center and Heron Bay Corporate Center real estate ownership company, Fredric Newman, has filed for personal Chapter 11 bankruptcy, the South Florida Business Journal reported. Newman has $47 million in debt and $1.8 milllion in assets.

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Much of Newman’s debt comes from his $22 million stake in the loan taken out on the Heron Bay Office and Shopping Center in Coral Springs, which he developed under Newman Realty Group. Another $6.9 million comes from his share in a mortgage taken out for Parkland Town Center at 6632 Parkside Drive. [SFBJ]