MIAMI-The developer of the BrickellHouse project here has paid nearly $17 million to satisfy a lienholder who had filed a foreclosure action against the property in October.

The payment promoted JBG Development LLC to voluntarily dismiss its foreclosure action n Miami Dade Court. BrickellHouse developer Harvey Hernandez of Miami paid JBG $17 million plus attorney's fees to satisfy the lien, according to the Miami Herald.

Hernandez, chairman and managing director of Newgard Development Group, said his firm had obtained a loan from an institution and paid off JBG. “What we want to transmit to our buyers and our brokers and the business community is we see it as business as usual. Due to our financial success and our strength and our commitment to the project, we in essence paid a loan three years ahead of schedule just, because we don't like confusion,” he says.

Hernandez adds that the 374-unit project is “99% sold” and construction has reached the 40th floor of the 46-story tower. See story in the Miami Herald.

NOT FOR REPRINT

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

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.