CityPlace Sued Over Alleged Default on $150 Million Mortgage
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CityPlace Retail LLC, the developer of a mixed-use condominium, restaurant and retail project in West Palm Beach, Florida, was sued in a foreclosure action after allegedly defaulting on a $150 million mortgage.
The partnership, one of whose partners is New York-based Related Cos., has been in default since Feb. 22, according to a lawsuit filed Sept. 1 in Florida state court in West Palm Beach. The plaintiff is CSMC 2007-C1 South Rosemary LLC, which represents a commercial mortgage-backed securities fund managed by Miami Beach, Florida-based LNR Partners LLC, a special servicer of the loan, according to the complaint.