Tanned bodies. Miles of sand and beach and endless amount of bars serving cold drinks and…. bankruptcy.
550 Seabreeze Development LLC, has filed for Chapter 11 bankruptcy. The construction manager had previously filed suit against the hotel for alleging not making payments to contractors and a foreclosure action was filed by Bancorp. in January for failing to pay on the $3.6 million mortgage.
Funding came in part from the controversial EB-5 visa program where investors can gain a path to permanent residency with an investment of $500,000.
Alexander Hernandez, Esq.
Alexander Hernandez is a bankruptcy attorney practicing in Jacksonville and the surrounding areas and Miami, Florida.