Bancorp sues former Turnberry execs over stalled resort in Fort Lauderdale
The incomplete Las Olas Ocean Resort on Seabreeze Boulevard in Fort Lauderdale
The lender says it is owed $37M in loans on a project that pulled in $30M in EB-5 financing
The financial services firm Bancorp Bank has filed a lawsuit seeking to foreclose on a troubled, unfinished Fort Lauderdale hotel resort, charging the developers have defaulted on $37 million in loans. The defendants, who were able to attract $30 million in EB-5 financing, appear to have traded on their ties to a well-respected development company, though the company denies it was involved in the project.
- Chinese investors vs The Bancorp Bank
- The Bancorp Bank vs 550 Seabreeze Development LLC and JAWOF 515 Seabreeze, LLC
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