Lender moves to foreclose on JDS affiliate’s Mercedes-Benz Miami project
Days after taking over the loan backing the Mercedes-Benz Places condo project, Cottonwood Group filed a foreclosure lawsuit against the developer, affiliates of Michael Stern’s JDS Development Group. Maxim Credit Group provided the original $85 million loan in July 2015. It matured in late 2023, but Maxim repeatedly extended the maturity date for the JDS affiliates, records provided by the database Vizzda show. CWRE SSF Flamingo Capital, an affiliate of Los Angeles-based Cottonwood, alleges the developer defaulted when it failed to repay the loan by the January 2025 maturity date. Cottonwood took over the loan on March 24 of this […]This article originally appeared on The Real Deal. Click here to read the full story.
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