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Lender Seeks Foreclosure Of Stalled Arbor Residences Project In Coconut Grove

COMMERCIAL, INDUSTRY NEWS, MULTIFAMILY, NEW RESIDENTIAL /

Trez Capital filed a foreclosure lawsuit against the developer alleging the company failed to repay its nearly $21 million loan and failed to complete the five-story, 48-unit building. Prices for single-family homes and condos in the Grove have skyrocketed, and buyers at the Arbor are likely even more outpriced than they were before. Rising construction costs, labor issues and supply chain problems are affecting developers, as well. CLICK ON THE HEADLINE FOR MORE

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Construction Passes Halfway Point Of CMC Group’s Vita At Grove Isle In Coconut Grove

MULTIFAMILY, NEW RESIDENTIAL, RESTAURANTS /

The waterfront development, located at 5 Grove Isle Drive, is comprised of three artfully interlinked buildings, now rising one tower at a time to form one unified structure. Vita at Grove Isle, which broke ground in April 2023, is slated for delivery in late 2025.

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Stalled Coconut Grove Condo Trades In Deed In Lieu Of Foreclosure

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Miami-based 3034 Oak Park LLC transferred the incomplete Arbor condominium to Arbor Grove Development LLC. The deed is in lieu of foreclosure in exchange for the lender releasing $20.96 million in personal guarantees against the seller, but the original loan remains in place on the property.

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