Ladder Capital seeks to foreclose on Witkoff’s South Beach hotel

Ladder Capital Finance filed a foreclosure lawsuit against the owner of the 181-room Washington Park Hotel
Steve Witkoff and the Washington Park Hotel (Getty via www.therealdeal.com)

A lender is seeking to foreclose on the Witkoff Group’s South Beach hotel after it alleges the developer failed to make its July payment on a $45 million loan.

Ladder Capital Finance filed a foreclosure lawsuit against the owner of the 181-room Washington Park Hotel and is seeking to collect the entire loan, along with interest and late fees. Private equity giant Carlyle Group is also a partner in the hotel at 1050 Washington Avenue.

The lawsuit was filed on July 22 in Miami-Dade County Circuit Court and is one of the largest foreclosure lawsuits in South Florida since the coronavirus pandemic began.

The boutique Art Deco hotel reopened in 2016 after an extensive renovation.

Ladder Capital provided the  $45 million loan to the hotel in May 2016. The New York-based lender sent the company a letter of default on July 7, after it alleges Witkoff failed to make a payment on the loan, according to the complaint. The lawsuit was first reported by the South Florida Business Journal.

Witkoff and Ladder Capital did not immediately respond to requests for comment.

 
Read full story: wwwtherealdeal.com

Zulma Torres

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