Jernigan Capital has filed to foreclose on an $18 Million facility in Miami being developed by Storage Partners of Miami. From sparefoot.com :
Jernigan extended a $17.73 million construction loan to Storage Partners of Miami I in 2015, the newspaper reported.
According to the lawsuit, the borrower defaulted by:
Failing to repay the loan by the June 30, 2018, maturity date as a result of not wrapping up construction before then.
Allowing construction liens on the project to remain outstanding for more than 30 days. The full $17.73 million in principal, plus interest, remains unpaid, the lawsuit claims.