MG Developer faces foreclosure over alleged $31M default tied to Hialeah multifamily project

MG Developer was hit with a foreclosure lawsuit over the Metro Parc South multifamily development in Hialeah after allegedly defaulting on $31.1 million in construction loans. Slate Property Group and The Carlyle Group filed the suit Sept. 22 against the Coral Gables-based developer over a $105 million construction financing package.  The lenders allege MG defaulted on $31.1 million of the debt by allowing construction liens to be placed on the property, failing to make required reserve account deposits and failing to pay 2025 property taxes, according to court documents and a Vizzda report.  MG secured the construction financing in April […]

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