Design District project clears litigation, scores construction financing

Design District project clears litigation, scores construction financing

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After a messy feud between developers Asi Cymbal and Benjamin Norton almost led to Design 41’s collapse, the project in Miami’s Design District appears to be moving forward.

County records show Design District Development Partners, headed by Norton, just secured a fresh $24.3 million loan for the company’s construction site at 112 Northeast 41st Street.

Along with the new loan, court records show two pieces of litigation threatening to upend the project from Cymbal were dismissed.

The allegations were harsh: Cymbal claimed Norton failed to come up with financing for the project despite touting himself as an expert in sourcing EB-5 investors, and that the development entity — under Norton’s management — stiffed Cymbal’s contracting firm A&C Builders on several months of payment, prompting a foreclosure attempt on a construction lien.


http://therealdeal.com/miami/2016/08/10/design-district-project-clears-litigation-scores-construction-financing/

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