CORAL GABLES, FLA – December 13, 2022
The litigation team at Agentis, led by Christopher Spuches, secured a multi-million-dollar victory last week for their client, SHEDDF3 VNB LLC, an affiliate of Safe Harbor Equity, against CG Tides and other companies linked to the Chetrit Group.
The Agentis team represented the successor lender of a $41M loan secured by the famed art deco Tides Hotel in Miami Beach, Florida. The lender sued for foreclosure, due to the loan’s maturity, but also because the borrower walked off with more than $2 million in insurance proceeds after Hurricane Irma without the lender’s knowledge or consent.
The 11th Circuit Court in Miami ruled that the defendant Chetrit Group a owes the lender $82.1 million, which includes nearly $42 million for the unpaid principal debt and nearly $48 million in interest and attorneys’ fees.
Earlier this year the judge ruled that Chetrit breached its mortgage agreement when it transferred the insurance funds to company and personal bank accounts without their lender’s consent or knowledge.
“We are grateful to the court for taking the time to hear this matter and are pleased with the ruling,” Spuches told the South Florida Business Journal. “I’m very proud of the way our team pulled together such a solid case and secured this victory for our client.”
Subscribers of The Real Deal can read the full story at (Insert shortened URL to The Real Deal – https://therealdeal.com/miami/2022/12/13/chetrits-lender-forecloses-on-tides-hotel-in-miami-beach/)
Subscribers of the South Florida Business Journal can read the full story here https://www.bizjournals.com/southflorida/news/2022/12/13/south-beach-hotel-slated-for-foreclosure-auction.html