Underwriters freeze sales at Boynton Beach’s Promenade

Miami /
Feb.February 13, 2012 03:00 PM

Title insurers have effectively frozen sales at the 318-unit Promenade condominium in Downtown Boynton Beach, the Palm Beach Post reported.

The developer of two-tower, 14-story project near the intersection of Federal Highway and Boynton Beach Boulevard, Boynton Waterways Investment Associates, has lost several judgments in court in recent months, forcing it to refund down payments to buyers. The judgments stem from a ruling by the Palm Beach County Circuit Court that said the developers improperly held buyers’ escrow money.

About 10 judgemnts have been entered so far worth $1.45 million, and nine more are in the works, according to attorneys on the case. The developer has already filed some appeals, meaning that closings can’t continue at the condo.

In the meantime, Fidelity National Title Group sent a letter late last month to its Florida offices warning them not to underwite units in the building. [Palm Beach Post]


Related Articles

arrow_forward_ios
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
500 Ocean Apartments  at 101 South Federal Highway, Boynton Beach (Photo via LandSouth Construction)
Avanti buys Boynton Beach apartments for $105M
Avanti buys Boynton Beach apartments for $105M
American Land Ventures President Granvil Tracy and Isram Realty founder and chair Shaul Rikman with 630 East Woolbright Road (Google Maps)
American Land Ventures, Isram Realty score $85M construction loan for Boynton Beach apartments
American Land Ventures, Isram Realty score $85M construction loan for Boynton Beach apartments
2828 South Seacrest Boulevard with ShareMD executives John Bardis and George Scopetta (Google Maps, LinkedIn)
ShareMD buys Boynton Beach medical office building for nearly $7M
ShareMD buys Boynton Beach medical office building for nearly $7M
Healthpeak Properties CEO Thomas Herzog. (Healthpeak, Sonata)
Fortress buys three Palm Beach County assisted living facilities for $30M
Fortress buys three Palm Beach County assisted living facilities for $30M
Cobblestone Commons at 8767 Boynton Beach Boulevard (Google Maps)
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
Dermot Company's Stephen Benjamin with Seabourn Cove at 3501 North Federal Highway (Linkedin, Google Maps, Seabourn Cove)
Dermot Co. pays $143M for Boynton Beach apartments
Dermot Co. pays $143M for Boynton Beach apartments
Elliott Mandelbaum with 7900 Venture Center Way in Boynton Beach and 600 Business Park Way in Royal Palm Beach (Linkedin, Google Maps)
Eagle Arc buys South Florida nursing facilities for $36M
Eagle Arc buys South Florida nursing facilities for $36M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...