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Category

Legal Drama

Date

Jun 30th, 2023

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Florida golf resort, funded in part by EB-5, approved for bankruptcy sale

U.S. Bankruptcy Court has approved the sale of the 200-acre Banyan Cay golf resort in West Palm Beach to Denver-based Westside Investment Partners for $102.1 million. The sale closes on July 25. The developer filed for bankruptcy in March to prevent foreclosure and blocked a $5 million mezzanine loan claim from EB-5 investors. Creditors will receive the proceeds of the sale, though the debtor says the biggest issue is how to divide the money. 

South Florida Business Journal article (subscription required)

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