South Florida Business Journal

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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