The Real Deal Miami

BrickellHouse developer sues former lienholder

Claims prior foreclosure action was malicious prosecution
December 13, 2013 10:30AM

BrickellHouse and Harvey Hernandez

BrickellHouse and Harvey Hernandez

The developer of BrickellHouse in Miami’s financial district is suing a former lienholder for filing a foreclosure action it claims was malicious prosecution.

BrickellHouse Holding filed the lawsuit against JBG Development in Miami on Tuesday, Law360 reported. Plaintiffs Harvey Hernandez and Jesus Quintero of BrickellHouse claim in their complaint that the foreclosure action filed by JBG in October was with “ulterior and malicious purpose and without probable cause.” BrickellHouse says it suffered damages from having to cover financing fees for a new loan and interest owed to JBG on the mortgage principal.

The $170 million BrickellHouse condo tower is scheduled to be completed next year. Canyon Capital Realty Advisors of Los Angeles recently provided the developer with a nearly $28 million senior construction loan.

Construction of the 374-unit BrickellHouse began in July 2012. At the time, the developer said it met a goal of selling about 90 percent of the tower’s units in time for groundbreaking. [Law360]Eric Kalis