WPB Condo Site Set For Foreclosure; Dozens Who Placed Deposits For Units Also Sue Developer

In West Palm Beach, Florida, the South Florida Business Journal reports:

• Eastern Financial Florida Credit Union won a $37.3 million judgment in a foreclosure lawsuit against a condominium developer, and will put the vacant West Palm Beach site up for public sale. On April 2, the credit union won the judgment [...] against Merco Group of the Palm Beaches and its principals, Homero Meruelo and Belinda Meruelo, over Palladio Terrace. They never started construction on the site, at 2211 N. Flagler Drive. [...] The property's former owner, The Mark Andrew of the Palm Beaches, won a $6.2 million jury verdict against the Miami Beach-based Merco Group in November. Dozens of people who put deposits on units at Palladio Terrace have also sued Merco.

For the story, see Eastern Financial wins West Palm Beach foreclosure.