Court Dismisses Capmark's $48.5m Foreclosure Lawsuit
The Miami Dade County Clerk of Courts dismissed a $48.5m foreclosure lawsuit filed by Capmark Bank against the owners of a rental community in Florida, according to an announcement from Sky Development. According to a review of court documents, Capmark filed the suit on July 21, 2009 against Vista View Apartments and Yizhak Toledano, the owner of Sky Development and previous owner of the 308-unit rental community in Sunny Isles Beach, Fla. operating as Beach Place Luxury Rentals. Capmark Financial Group is a commercial real estate lender based in Utah. In October, it filed for Chapter 11 bankruptcy as part of a reorganization following a $1.6bn Q209 loss. According to a statement, Capmark Bank, its subsidiary, received $600m in equity to resume business. Earlier in December, Capmark Financial Group completed the sale of its North American servicing and mortgage banking business Berkadia Commercial Mortgage. Write to Jon Prior.