{"id":221174,"date":"2026-04-06T22:29:12","date_gmt":"2026-04-06T22:29:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/221174\/"},"modified":"2026-04-06T22:29:12","modified_gmt":"2026-04-06T22:29:12","slug":"jds-mercedes-benz-miami-condo-project-facing-foreclosure","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/221174\/","title":{"rendered":"JDS\u2019 Mercedes-Benz Miami Condo Project Facing Foreclosure"},"content":{"rendered":"

Days after taking over the loan backing the Mercedes-Benz Places condo project, Cottonwood Group filed a foreclosure lawsuit against the developer, affiliates of Michael Stern\u2019s JDS Development Group.\u00a0<\/p>\n

Maxim Credit Group provided the original $85 million loan in July 2015. It matured in late 2023, but Maxim repeatedly extended the maturity date for the JDS affiliates, records provided by the database Vizzda show. CWRE SSF Flamingo Capital, an affiliate of Los Angeles-based Cottonwood, alleges the developer defaulted when it failed to repay the loan by the January 2025 maturity date. Cottonwood took over the loan on March 24 of this year.\u00a0<\/p>\n

The financing is backed by the project site at 191, 165, 155 and 145 Southwest 12th Street, which includes the Southside Park property in Miami. Construction of Mercedes-Benz Places, an 800-unit, two-tower development, started in 2024.\u00a0<\/p>\n

The developer tapped celebrity broker Ryan Serhant<\/a>\u2019s firm to lead sales and marketing, and unveiled the sales center at a vibrant party early last year<\/a>.\u00a0<\/p>\n

The Cottonwood affiliate alleges that the developer owes nearly $100 million, including a principal of $80.4 million and nearly $20 million in interest. The unpaid debt is also accruing $53,621 in interest daily after March 30.\u00a0<\/p>\n

In a statement, JDS said the team is working on closing a construction loan package that will replace the bridge financing.\u00a0<\/p>\n

\u201cWe are aware of the action recently filed by a bridge lender related to a routine loan maturity, and are in active discussions with them to reach an amicable and swift resolution,\u201d JDS\u2019 statement reads.<\/p>\n

The developer declined to comment further, but a source told The Real Deal that that package includes a $450 million senior loan, $100 million in mezzanine financing, a $195 C-PACE loan and $100 million in preferred equity, for a total of $750 million.\u00a0<\/p>\n

A number of subcontractors have also filed liens for allegedly unpaid work on the property, court filings show.\u00a0<\/p>\n

Mercedes-Benz Places, designed by ShOP Architects, launched sales in 2024 with unit prices starting at $500,000. The complex was designed to include more than 130,000 square feet of amenities with restaurants, health and fitness facilities, sunrise and sunset pools and a 174-key hotel.\u00a0<\/p>\n

Stern\u2019s Miami-based JDS<\/a> secured approval from the city of Miami to build the tower in 2020. In exchange, the developer agreed to build an $8 million firehouse<\/a> for the city of Miami, and $5 million into public benefits, including a redesign of the adjacent Southside Park.\u00a0<\/p>\n

In South Florida, JDS is also planning to build the Dolce & Gabbana-branded condo project at 888 Brickell Avenue. One Sotheby\u2019s International Realty is leading sales and marketing of that development.\u00a0<\/p>\n

In Miami Beach, developer David Martin of Terra took the lead on JDS\u2019 planned luxury condo tower at 1250 West Avenue, next to JDS\u2019 Monad Terrace project.\u00a0<\/p>\n

Stern is in litigation with one of his partners, Gianluca Vacchi\u2019s<\/a> GV Development. Vacchi\u2019s entity sued Stern and two LLCs in December. The complaint was temporarily stayed, which means it was paused. Vacchi accused his partner of a \u201cdeliberated and calculated fraud\u201d<\/a> tied to a $2.5 million investment in the Casablanca property, an oceanfront condo-hotel at 6345 Collins Avenue in Miami Beach.\u00a0<\/p>\n

\tRead more
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\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n

\u201cYet another scam\u201d: Italian investor accuses Michael Stern of fraud in North Beach deal<\/p>\n

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\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n

David Martin joins Michael Stern and his partners on planned South Beach condo tower<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\t\t\t\"West\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

West Chelsea condo board sues JDS, Michael Stern over alleged condo defects<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Days after taking over the loan backing the Mercedes-Benz Places condo project, Cottonwood Group filed a foreclosure lawsuit…\n","protected":false},"author":2,"featured_media":221175,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[100207,123,125,124],"class_list":{"0":"post-221174","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-miami","8":"tag-mercedes-benz-miami-foreclosure","9":"tag-miami","10":"tag-miami-headlines","11":"tag-miami-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/221174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=221174"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/221174\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/221175"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=221174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=221174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=221174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}