Miami Lender Wants Receiver For $7M Condo Note

Law360, New York (April 17, 2012, 5:52 PM EDT) -- A lender trying to foreclose on a $7.4 million mortgage for the air rights for planned downtown Miami luxury condominium development SkyPalace asked a Florida state court on Friday to appoint a receiver for the mortgage.

Mortgage holder MBV Investment Holdings LLC filed an emergency motion for appointment of a receiver, saying SkyPalace’s Miami-based developer Skyline Equities Realty and its partners had failed to respond to MBV’s lawsuit and had taken out a second mortgage on the air rights.

“SkyPalace has raised many millions of dollars...
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