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Tides South Beach Lender Scores Victory in Foreclosure Case

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Joseph Chetrit and the Tides South Beach (Getty, The Tides South Beach)

Chetrit Group’s Tides South Beach hotel lender wins $45 million foreclosure lawsuit.

Affiliates of Safe Harbor Equities have filed a deal with CG Tides, which is affiliated with New York-based Chetrit Group, over the long-closed Tides, a 45-unit hotel complex at 1220 Ocean Drive in Miami Beach. sued other companies. lender’s suit, Application in February 2021arguing with Chetrit stole $2 million Insurance claims related to damages caused by Hurricane Irma allegedly defaulted on loans without the knowledge or consent of the lenders.

Earlier this month, Miami-Dade Circuit Court Judge Pedro Echate Jr. granted partial summary judgment to the lender. After hearings in August and his September, Echarte said that his Chetrit had breached his mortgage contract and, without the consent or knowledge of the lender, had taken the insurance money into the company’s bank accounts and that he had Joseph Chetrit and Meyer Chetrit’s personal records. It was decided that the money was transferred to the bank account of

The judge also ruled that Chetrit’s entity violated a mortgage when it let insurance coverage expire for months and failed to repay it by the extended maturity date of December 20, 2020. It ruled that the loan was defaulted. Includes email. File attachments revealed that Chetrit’s ownership lapsed insurance coverage at the start of the 2020 hurricane season.

The loan is backed by an Art Deco hotel on Ocean Drive and a mixed-use building on Collins Avenue redeveloped by Chetrit.Chetrit secured a $45 million loan From Ocean Bank, which sold its debt to Safe Harbor Equity entity in January 2021, in 2014

The judge ordered that the filings show that “there is no genuine dispute of any material fact as to the date on which the aforementioned default occurred or default interest began to accrue,” according to the loan documents. wrote in the book.

A spokeswoman for Safe Harbor Equity said, “We appreciate the court’s time in considering this issue and believe it has reached the right conclusion.” real.

Chetrit and her attorney, Dennis Richard of Richard and Richard Law Firm, did not respond to requests for comment.

Safe Harbor claimed the insurance money belonged to Ocean Bank, and by holding checks without the bank’s approval, the Chetrit entity allegedly committed grant theft. Chetrit claimed to have notified Ocean Bank’s then chief loan officer, Ralph Gonzalez-Jacobo, of the insurance check. Gonzalez Jacobo is dead in late 2019, according to his obituary.

Chetrit has projects scattered across Miami Beach and Miami that have stalled in various stages. Our office is closed miami beach resortan oceanfront property under construction at 4833 Collins Avenue Redevelopment of Collins Park Hoteland a development site along the Miami River, which was to build a billion-dollar project with 1,700 residential units, 330 hotel rooms, 266,000 square feet of retail and office space, and over 2,000 parking spaces. .

In May, Chetrit $94 million construction loan A planned waterfront luxury condominium development on Pompano Beach. New York-based Madison Realty Capital funded Chetrit’s site at 2629 North Riverside Drive.

The family-run company recently Bulk buying of condominiums at the dilapidated Hollywood Beach Resort.

Last year, Chetrit sold an apartment hotel in Miami Beach to its operators. Royal Stays Miami$42 million.

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