Paramount Bay, a Miami condo project financed by now-failed Corus Bank, is facing foreclosure over a $216 million construction loan in default.
Lender iStar Tara LLC, an affiliate of a joint venture led by Starwood Capital Group, last Friday filed a lis pendens, a notice of a pending foreclosure, against Paramount developer Royal Palm Holdings and 21 affiliates and lien holders, according to Miami-Dade Circuit Court records.
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