LAWSUITS NEWS & LEGAL INFORMATION
Condo Development
This is a settlement for the Bankruptcy lawsuit.
Birmingham, AL: (Apr-25-08) Birmingham-based Red Mountain Bank has been entangled in a legal battle with Capri Real Estate LLC, over Capri on Caldwell, the high-end condominium project that filed Chapter 11 bankruptcy in late February 08. The suit revealed that the condo's original developer, the Netherlands-based Euro American Investors Group, began to have financial troubles amid the nationwide credit crunch after its developments in the FL market collapsed.
In 2005, a spate of condominium projects were announced in the Birmingham area, including Capri on Caldwell, located at the corner of Niazuma and 27th Place South. Records indicate that the high-rise condo has 48 condominium units. At least 14 of the units have been sold and nearly 20 more are currently under contract. In the past, a number of condos on site have sold for some $1.5 million.
In a recent development in the case, Red Mountain Bank, which was owed $16 million based on public records, agreed to settle its dispute, in which it announced that that the condominiums are now owned by Capri Real Estate LLC. Officials stated that Red Mountain Bank and the other lenders incurred no loss in this settlement. [BIRMINGHAM BUSINESS JOURNAL: CAPRI CONDO DEVELOPERS SETTLE BANKRUPTCY CASE]
Published on Apr-28-08
In 2005, a spate of condominium projects were announced in the Birmingham area, including Capri on Caldwell, located at the corner of Niazuma and 27th Place South. Records indicate that the high-rise condo has 48 condominium units. At least 14 of the units have been sold and nearly 20 more are currently under contract. In the past, a number of condos on site have sold for some $1.5 million.
In a recent development in the case, Red Mountain Bank, which was owed $16 million based on public records, agreed to settle its dispute, in which it announced that that the condominiums are now owned by Capri Real Estate LLC. Officials stated that Red Mountain Bank and the other lenders incurred no loss in this settlement. [
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