Incitatus Real Estate is going hard in its attempt to collect a month-old $1.2 million judgment against Miami-based Adler Group.
The New York-based brokerage, led by Alan Ballinger, filed a foreclosure complaint in Miami-Dade Circuit Court Tuesday against an Adler affiliate that owns two development sites at 230 and 300 Southwest Third Street in downtown Miami.
Miami-based Adler, led by Michael and David Adler, and Dallas-based Mill Creek Residential last year completed Modera Riverside, a 36-story apartment tower with 345 units and ground-floor retail at 300 Southwest Third Avenue.
Incitatus is seeking to seize the adjacent 0.7-acre parcel at 230 Southwest Third Street — dubbed the “Tower B Site” — which is undeveloped. Adler and Mill Creek are planning a second high-rise there, roughly the same size as Modera Riverside.
The foreclosure action stems from a March 18 final judgment that found Adler liable for skipping out on paying Incitatus a $913,800 finder’s fee that grew to $1.2 million with interest, attorneys’ fees and costs. Miami-Dade Circuit Judge Lisa Walsh ruled in favor of the brokerage, concluding Adler breached its 2020 “finance placing agreement” tied to sourcing equity for the Modera Riverside project.
Any effort to collect the judgement is premature because Adler is seeking a rehearing, said the developer’s attorney Alejandro Miyar.
According to court records, Incitatus introduced Adler to Boston-based CrossHarbor Capital Partners, which ultimately provided equity financing for the 36-story tower. David Adler acknowledged in 2023 that CrossHarbor took a 90 percent stake in the joint venture, while Adler and Mill Creek each retained 5 percent, Incitatus alleges.
Under the agreement, Incitatus earned a 1.5 percent fee for equity capital it helped secure. The brokerage alleged that after facilitating the deal — organizing calls, distributing marketing materials and securing a non-disclosure agreement — Adler refused to pay after closing. Adler later claimed to have sold the project to Mill Creek, but Incitatus contended it was a joint venture that left Adler with ongoing ownership and cash flow.
Adler sought to terminate the agreement after the dispute surfaced and accused Incitatus of submitting a “false invoice,” court records show. However, Incitatus maintained it complied with the contract by timely delivering a list of potential capital sources.
With judgment in hand, Incitatus is now pressing to enforce the debt. Its foreclosure complaint also names City National Bank of Florida as a defendant due to its $9.5 million mortgage on the 0.7-acre site, of which more than $8.5 million is outstanding. The filing asks the court to determine lien priorities and protect the bank’s rights in the event of a foreclosure sale.
Despite what the complaint calls “significant equity and cash flow” from Modera Riverside and the lucrative potential of Tower B, Adler has not satisfied the judgment. The brokerage also requested a court-appointed receiver to collect rents and prevent waste or diversion of funds during litigation.
The undeveloped property is estimated to be worth tens of millions of dollars, the foreclosure suit states.