Broward Court awards $23M in interest to Dan Marino and other investors for failed Veranda Condominiums venture

Along with the nearly $44M awarded by the jury in March, the case totals $67M

Jul.July 05, 2017 04:30 PM

The Veranda Condominiums in Plantation

Former Miami Dolphins quarterback Dan Marino and other investors were awarded $23.2 million in prejudgment interest this week by Broward Circuit Court related to the failed Veranda Condominiums venture that resulted in a $44 million verdict in March.

The figure comes from more than $9,354 in daily interest for 2,448 days  or $22.9 million, plus another $295,735, or almost $144 per day for a period of 2,058 days, according to the Daily Business Review.

Marino and other investors in Veranda Condominium I LLC and West City Realty Advisors LLC, claimed Wachovia Mortgage Corp. was responsible for jeopardizing 100 sales in a multimillion-dollar development. Conrad & Scherer partners led litigation for plaintiffs in the case.

The Daily Business Review reported that limited liability corporation plaintiffs alleged that a Wachovia employee’s email mistake resulted in a default on a $59 million construction loan from Regions Financial Corp.

The two LLC’s set out a three-phase plan in 2005 to build 201 luxury condominiums, 181 units, and 16 townhouses in the Plantation area of Broward County. After Wachovia signed on as the sole mortgage lender, the LLC’s alleged that the venture was botched and that Wachovia violated the Uniform Trade Secrets Act by jeopardizing sales with an email blast.

A Wachovia employee sent an email with a “CC” containing email addresses of more than 100 people who had made moves to buy condos that were part of the Veranda project. The disclosure of email addresses violated the confidentiality clause of the purchaser contracts. The mistake allegedly led to the cancellation of 119 sales contracts.

When the LLC’s defaulted on their Regions loan and still owed $26 million, Regions foreclosed on the property and flipped it to a buyer that eventually completed the project.

Between the $44 million awarded by the jury in trial and the interest awarded by Judge John Bowman, the outcome of the case totals $67 million from Wells Fargo. Wells Fargo acquired the now-defunct defendant Wachovia Mortgage Corp. in 2008.  [Daily Business Review]  Grace Guarnieri

Related Articles

David Martin, Russell Galbut, and a 500 Alton rendering (Credit: The Next Miami)

Miami Beach sues own board to overturn decision on Crescent Heights’ and Terra’s proposed condo tower

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Lake that Lake Sana Developments wants to partially fill

Northwest Dade property owner seeking to fill lake gets denied — again

Daily Digest Miami

Moishe Mana sells Hibiscus Island home for $12M, CitizenM scores $48M loan to build Brickell hotel

The front entrance of the Seybold building at 36 N.E. First Street

Diamonds aren’t forever: Seybold Building jeweler claims owner won’t relocate his store

Glenn Straub and the Palm House Hotel

Glenn Straub loses appeal on Palm House sale

Kim Bokamper and 301 Northwest 127th Avenue in Plantation (Credit: Getty Images)

Former Miami Dolphin Kim Bokamper lists Plantation home

Monty’s Miami Beach

Suntex Marinas is trying to evict Monty’s from Miami Beach property