Judge Gives Legacy Miami Worldcenter Developer Two Months to Pay $35M Debt
Dan Kodsi's Legacy MWC Trustee has been granted a two-month deadline to pay New York-based Monarch Alternative Capital and resolve the foreclosure lawsuit for the Legacy Hotel & Residences project at Miami Worldcenter.
A recent order from Miami-Dade Circuit Court Judge Spencer Eig has given developer Dan Kodsi a two-month ultimatum to pay off a $35 million debt to New York-based lender Monarch Alternative Capital. This debt is a result of a foreclosure lawsuit brought by Monarch Alternative Capital for the Legacy Hotel & Residences project at Miami Worldcenter.
The Legacy MWC Trustee, which represents Kodsi's company Royal Palm Companies, has until the deadline to pay off the debt and satisfy the mortgage for the downtown Miami property. The judge's order also grants Kodsi's motion for an emergency injunction, which is necessary for potential refinancing of the loan.
In response to the order, Kodsi stated, "We are grateful for Judge Eig's decision and look forward to resolving this matter as quickly as possible." However, it is unclear if Kodsi will be able to meet the two-month deadline and successfully refinance the loan.
The Legacy Hotel & Residences project has been a highly anticipated development in the Miami Worldcenter, which is a