Verzasca Group’s Le Jardin Residences resolves bankruptcy

The 60% sold condo project will now be able to sell the remaining units

Miami /
Feb.February 26, 2020 02:30 PM
Verzasca Group’s Le Jardin Residences, Darius Kasparaitis and Tim Lobanov

Verzasca Group’s Le Jardin Residences, Darius Kasparaitis and Tim Lobanov

Verzasca Group’s Le Jardin Residences, a boutique condo project in Bay Harbor Islands, has avoided foreclosure and can now move forward with selling units.

The condo project filed for Chapter 11 bankruptcy reorganization in the U.S. Bankruptcy Court in July. The bankruptcy filing was unusual because the project was solvent and the developer had significantly more assets than liabilities, according to the filing.

The development group sought bankruptcy because a lender had filed a legal move called a lis pendens, which prevented the developer from selling the units. The lender alleged in a still pending lawsuit that the development group owed money on an EB-5 loan.

This month, Le Jardin Residences’ bankruptcy plan was approved by the federal bankruptcy judge. By reorganizing, the development group will be able to sell the remaining 12 units in the building, according to Brett Lieberman, a partner at Fort Lauderdale-based Edelboim Lieberman Revah Oshinsky PLLC, who represents Le Jardin in the bankruptcy filing. Verzasca previously said the units were nearly sold out, but the project’s attorney now said the development is 60 percent sold.

“Their [the lender’s] claim in the bankruptcy case was creating this unreasonable pressure on the company,” Lieberman said.

Verzasca Group can now pay over $4 million in debt to its creditors and will plan to pay its other creditors as more units are sold, according to Lieberman.

In its bankruptcy filing, the group reported it had $27.5 million in assets and only $7.1 million in liabilities, including a $5.9 million loan on the property.

Verzasca Group developed the seven-story, 30-unit Le Jardin at 1150 and 1160 102nd Street in Bay Harbor Islands. Le Jardin has already received its temporary certificate of occupancy, and residents are living in the development, according to Lieberman.

The company is also building Aurora, a 17-story, 61-unit condo tower at 17550 Collins Avenue in Sunny Isles Beach. The Bay Harbor Islands-based development firm is led by president and former NHL player Darius Kasparaitis and Tim Lobanov. It also has projects in Russia and Europe.


Related Articles

arrow_forward_ios
Mallory Kauderer and 5501 Northeast Second Avenue (The Porosoff Group, Twitter, Getty)
Churchill’s Pub in Little Haiti hits market
Churchill’s Pub in Little Haiti hits market
Allied Partners' Eric Hadar and RH's Gary Friedman with the Savoy hotel (Allied Partners, Getty, Google Maps)
Inside RH’s plans for $100M renovation of Miami Beach hotel
Inside RH’s plans for $100M renovation of Miami Beach hotel
Codina Partners’ Armando Codina and Ana-Marie Codina Barlick with 5350 Park condo project (Codina Partners, Getty)
Judge orders Codina Partners’ affiliate to pay Grycon $8M in damages
Judge orders Codina Partners’ affiliate to pay Grycon $8M in damages
Balzebre Investments' Robert Balzebre with 8710 Southwest 72nd Street
Winn-Dixie sues landlord over leaky roof at South Miami store
Winn-Dixie sues landlord over leaky roof at South Miami store
Allied Partners founder Eric Hadar and The Savoy Hotel & Beach Club at 425 Ocean Drive (Google Maps, Getty)
Investor seeks $50M for allegedly botched Ocean Drive hotel repairs
Investor seeks $50M for allegedly botched Ocean Drive hotel repairs
Restoration Hardware’s Gary Friedman, Michael Comras and Apollo's Ben Gray (Getty, Comras Company, LinkedIn)
“No f*cking around:” Restoration Hardware’s Miami Design District deal implodes
“No f*cking around:” Restoration Hardware’s Miami Design District deal implodes
Jose Luis Zapata with 505 North Fort Lauderdale Beach Boulevard (Orchestra Hotels, Google Maps)
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
Moishe Mana, 48 East Flagler Street (left) and 76 East Flagler Street (right) (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Google Maps)
Moishe Mana’s downtown Miami tenants allege fraudulent eviction
Moishe Mana’s downtown Miami tenants allege fraudulent eviction
arrow_forward_ios

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

Loading...