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September 16, 2008
Bank forecloses on north Manatee development
Bradenton Herald
By Duane Marsteller
A lender is suing a Forest City joint venture to foreclose on the mortgage for a mixed-use development in Florida:
A proposed residential and retail project in northern Manatee County has become the largest casualty yet of the local foreclosure surge.
And more could follow as developers fall victim to the soft housing market, a real-estate development analyst said Monday.
Orion Bank sued to foreclose on the Arbor Park project last week, claiming Palmer Investors LC failed to repay a $15.3 million loan that was due Aug. 1. The Naples bank also wants a court-appointed receiver to manage the 483-acre site at the northwest corner of U.S. 301 and Buckeye Road.
"Upon information and belief, Palmer Investors has constructively or actually abandoned the development of the mortgaged property, leaving the same in an incomplete, insecure and vulnerable condition," the bank said in its suit.
Palmer is a joint venture between Medallion Homes and Forest City Enterprises Inc., a real-estate development company based in Cleveland. Neither company returned calls Monday.
Posted by lumi at September 16, 2008 4:17 AM