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.

GlobeSt.com News Hub is your link torelevant real estate and business stories from other local,regional and national publications.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.