The International Bank of Commerce lent funds for the construction of Emerald by the Sea condo tower. The bank stated that it does intend to initiate foreclosure proceedings against it in January 2008. Rather it is planning to pump more funds into the speedy execution of the project. A newspaper report (Daily News) had said that the tower might be foreclosed.

IBC spokespersons clarified that Piazza Blanca – a spacious shopping centre near the Emerald by the Sea together with neighbouring tracts (500 acres), might have to be foreclosed since Seawall I Ltd defaulted on a loan amounting to $13.86 it had contracted with Prudential Mortgage Capital. But the plans do not include Emerald by the Sea.

However the dichotomy is that the legal description of the property Prudential is targeting to auction is the same as that of G.T. Leach Builders who are seeking a lien on the towers. IBC explained that it has been a mistake. The bank further explained that Piazza Blanca and Emerald by the Sea are under the aegis of the same developer – Sunhill International Corporation. Separate Texan partners own the latter.

The registered agent of Seawall I Ltd is Namir Faidi. He is also a limited partner in Emerald Tower Ltd as well as a principal in Sunhill International. The first lien deed of trust that covers the tower project is held by IBC. Prudential cannot auction the tower as it does have a lien either on the construction or the property on which it stands. Prudential Mortgage Capital has remained non-committal.

On 21st December IBC, Emerald Tower Ltd and G.T. Leach came to an agreement by which all parties committed themselves to take appropriate action to help contractors and other related entities – the main objective being getting ready the condominium for potential buyers without delay.

G.T. Leach Builders had filed foreclosures against Emerald Towers alleging that more than $3.6 million was due to them. But Gary Leach said the work would restart within the following week and the lien would be withdrawn.

IBC had advanced requisite sums and was confident that the work would be completed successfully. Sunhill International had repaid its original construction loan to IBC. The Paizza Blanca complex with white walls and blue domes had been completed in 2005. It is scheduled for foreclosure auction on 1st January at the courthouse as per legal norms.

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