The Real Deal Miami

For Miami subsidized housing developer Carlisle, bank suit court date set on top of grand jury woes

Matthew Greer

Carlisle Group Inc., the predecessor to the Carlisle Development Group, a Miami-based subsidized housing developer with more than $1 billion in completed projects, has a trial date set for a supposed $5.1 million loan default at Alabama-based Regions Bank.

The court action preceded last week’s disclosure that Carlisle Development Group is facing a grand jury investigation into allegations that it defrauded taxpayers by padding construction costs for public projects in Miami-Dade and Broward counties.

The grand jury is focusing on two of Carlisle’s chief executive officers, Matthew S. Greer, and retired CEO and founder Lloyd J. Boggio, as well as a general contractor Michael K. Runyan, according to the subpoena.

The for-profit Carlisle Group, the third-largest affordable-housing developer in the U.S., has received accolades for its well-designed apartment buildings.

Regions has said Carlisle violated a 2002 contract when it defaulted on a $6.5 million loan. Carlisle has denied liability in the case.

According to local press, Carlisle has completed more than 80 projects with a value of about $1.4 billion.

Over a decade, the defendants donated at least $68,000 to South Florida political action committees, particularly for mayor and commission races, local media reported.

A U.S. District Court judge denied Carlisle Group Inc.’s request for a dismissal in the Regions suit and set the trial date for September 2014.

CORRECTION: A previous version of this article incorrectly stated that Miami-based Carlisle Development Group had a trial date set for September after a disclosure that the company is under grand jury investigation. Carlisle Group Inc., the predecessor to Carlisle Development Group, had a trial date set for September 2014 before the the disclosure about Carlisle Development Group.