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MIAMI-The developer of the 28-story Onyx on the Bay in Miami faces foreclosure, according to the South Florida Business Journal. Court records show that Chicago-based Corus Bank has filed a foreclosure action targeting 41 unsold units within the 118-unit condo tower.

Developer Biscayne Bay Lofts and the principals of the development partners, Miami-based BAP Developers and GGM Developers of Argentina, are named in the lawsuit, which was filed April 29 in Miami-Dade Circuit Court. Corus warned last month that it was preparing to foreclose on three South Florida projects. Onyx appears to be the first to fall.

The foreclosure is based on a construction mortgage from Corus to Biscayne Bay Lofts that was last modified at $44.1 million in 2007. The Onyx closed its first sale in August 2007 and got off to a brisk start, but couldn’t sell out more than two-thirds of the units. Click here for the full report by the South Florida Business Journal.

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