Monad Terrace penthouse sold as $46M foreclosure lawsuit is filed

There’s some mixed news on the Monad Terrace front in Miami Beach.

The pre-construction luxury condo development planning to rise off 13th Street and West Avenue sold a penthouse that was offered at $7.6 million, per Miami Luxury Homes, to an undisclosed buyer at an unknown price. The standout residence, one of four penthouses (and 59 units total), offers gorgeous bay views and 4,400 square feet of outdoor space, including a private rooftop terrace with a pool, jacuzzi, and dining area.

However, not all is peachy with the Jean Nouvel-designed project, which expected to break ground in January but has yet to do so.

Monad Terrace Property LLC (of JDS Development Group) was served with a $45.8 million foreclosure lawsuit by EO Monad Terrace, as first reported by The South Florida Business Journal:

Monad Terrace Property Owner acquired 14 homes from 2015 through 2016 for a combined $51.15 million to assemble land for its project. It received a $46.8 million mortgage from EO Monad Terrace in June 2015.

According to the complaint, the mortgage originally had a maturity date of June 15, 2016, but the loan was extended four times. During the last extension on Jan. 17, 2017, the maturity date was moved to May 17, 2017.

The complaint says that the borrower has not repaid the mortgage at maturity and owes $45.8 million in principal.

“The lender filed this lawsuit during the course of the negotiations over a brief extension that would facilitate the closing of the refinancing,” says attorney Jonathan Minsker, who represents Monad Terrace’s developer. “The lawsuit is entirely without merit, and Monad will respond in due course. In the meantime, Monad expects to close on the new construction loan shortly.”

We reached out to Miami attorney Ronald M. Rosengarten, who represents the lender, but have yet to hear back.

Monad Terrace’s nearby sales gallery launched a few months ago at 1400 Alton Road. Prices started at $1.7 million.

Courtesy of JDS Development