{"id":225392,"date":"2026-04-09T21:18:07","date_gmt":"2026-04-09T21:18:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/225392\/"},"modified":"2026-04-09T21:18:07","modified_gmt":"2026-04-09T21:18:07","slug":"incitatus-real-estate-files-foreclosure-suit-against-adler","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/225392\/","title":{"rendered":"Incitatus Real Estate Files Foreclosure Suit Against Adler"},"content":{"rendered":"

Incitatus Real Estate is going hard in its attempt to collect a month-old $1.2 million judgment against Miami-based Adler Group.\u00a0<\/p>\n

The New York-based brokerage, led by Alan Ballinger, filed a foreclosure complaint in Miami-Dade Circuit Court Tuesday against an Adler affiliate<\/a> that owns two development sites at 230 and 300 Southwest Third Street in downtown Miami.<\/p>\n

Miami-based Adler, led by Michael and David Adler, and Dallas-based Mill Creek Residential<\/a> last year completed Modera Riverside<\/a>, a 36-story apartment tower with 345 units and ground-floor retail at 300 Southwest Third Avenue.\u00a0<\/p>\n

Incitatus is seeking to seize the adjacent 0.7-acre parcel at 230 Southwest Third Street \u2014 dubbed the \u201cTower B Site\u201d \u2014 which is undeveloped. Adler and Mill Creek are planning a second high-rise there, roughly the same size as Modera Riverside.<\/p>\n

The foreclosure action stems from a March 18 final judgment that found Adler<\/a> liable for skipping out on paying Incitatus a $913,800 finder\u2019s fee that grew to $1.2 million with interest, attorneys\u2019 fees and costs. Miami-Dade Circuit Judge Lisa Walsh ruled in favor of the brokerage, concluding Adler breached its 2020 \u201cfinance placing agreement\u201d tied to sourcing equity for the Modera Riverside project.<\/p>\n

According to court records, Incitatus introduced Adler to Boston-based CrossHarbor Capital Partners<\/a>, which ultimately provided equity financing for the 36-story tower. David Adler acknowledged in 2023 that CrossHarbor took a 90 percent stake in the joint venture, while Adler and Mill Creek each retained 5 percent, Incitatus alleges.<\/p>\n

Under the agreement, Incitatus earned a 1.5 percent fee for equity capital it helped secure. The brokerage alleged that after facilitating the deal \u2014 organizing calls, distributing marketing materials and securing a non-disclosure agreement \u2014 Adler refused to pay after closing. Adler later claimed to have sold the project to Mill Creek, but Incitatus contended it was a joint venture that left Adler with ongoing ownership and cash flow.<\/p>\n

Adler sought to terminate the agreement after the dispute surfaced and accused Incitatus of submitting a \u201cfalse invoice,\u201d court records show. However, Incitatus maintained it complied with the contract by timely delivering a list of potential capital sources.<\/p>\n

An attorney for Adler\u2019s affiliate said the developer is likely to appeal the ruling.\u00a0<\/p>\n

With judgment in hand, Incitatus is now pressing to enforce the debt. Its foreclosure complaint also names City National Bank of Florida as a defendant due to its $9.5 million mortgage on the 0.7-acre site, of which more than $8.5 million is outstanding. The filing asks the court to determine lien priorities and protect the bank\u2019s rights in the event of a foreclosure sale.<\/p>\n

Despite what the complaint calls \u201csignificant equity and cash flow\u201d from Modera Riverside and the lucrative potential of Tower B, Adler has not satisfied the judgment. The brokerage also requested a court-appointed receiver to collect rents and prevent waste or diversion of funds during litigation.<\/p>\n

The undeveloped property is estimated to be worth tens of millions of dollars, the foreclosure suit states.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Incitatus Real Estate is going hard in its attempt to collect a month-old $1.2 million judgment against Miami-based…\n","protected":false},"author":2,"featured_media":225393,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[101750,123,125,124],"class_list":["post-225392","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-incitatus-foreclosure-against-adler","tag-miami","tag-miami-headlines","tag-miami-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/225392","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=225392"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/225392\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/225393"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=225392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=225392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=225392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}