ORANGE BEACH, AL-Local developers, Michael Lerner, John McLindenand Arthur Slaven are being sued by Bank of America Corp., for $7million over a development site in Orange Beach, Alabama.
Bank of America holds two loans on the 4.5-acre site located ina small town, 30 miles west of Pensacola. Bank of America acquireda foreclosure notice on the site last year when developers, Slaven,McLinden and Lerner were unable to pay back their debts to thebank. For the full story, go to Chicago Real EstateDaily.
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