The investor claims that the developers of the Palm Beach Shores icon are guilty of USD 5 million

Icon Palm Beach Shores developers are in the face of the next process related to the luxurious design of apartments.

Investor Daniel Perla sued Marc Shulman, Anthony Shafer, IRC Equits III FL, Icon Development Holdings I, Icon Dev Owner I and Arknh Servicing at the District Court in Palm Beach’s District Court last week.

Perla claims that she owes $ 4.9 million unpaid loans, which were to finance the construction of three buildings, a 15-unique development at 150, 200 and 206 Inlet Way, including penthouse at 150 Inlet Way at Palm Beach Brzeg.

Perla granted a loan of $ 2 million in September 2021 at a 15 -percentage rate, and a second loan of $ 2 million a year later at a 10 % percentage rate, in accordance with the claim process.

In August Palm beach post He informed that buyers of apartments at Icon Palm Beach Shores have reached a contract with the developer to complete the project. Unit prices in the project ranged from 1.9 million to USD 4.9 million.

Shulman and Shafer run the Delray Beach Icon Equity Group, Private Equity and Development. They did not answer immediately to requests for comment.

Douglas Elliman and One Sotheby’s International Realty will also allow the developer to have allegedly unpaid commissions last year, results from court files.

One Sotheby sued last summer and lodged a changed complaint in December, which claims that he is guilty of commissions over $ 1.6 million. Elliman sued in November, looking for a payment of over USD 700,000 in commissions. Both brokerageers claim that they began to cooperate with the developer in 2021. The lawsuits are still pending.

The legal problems of developers went beyond this project.

In October, three companies sued Icon Equity, its associate entities as well as Shulman and Shafer, looking for a repayment of $ 2.5 million. In this case, the reasons are the 1PO package, Deerfield Group USA and the Delaware subject. They claim that Shulman and Shafer got involved in a false program to shoot them to finance the construction of a luxury house in Boca Raton, the Condo Palm Beach Shores project, the Delray Beach restaurant project and the place of development of apartments in Deerfield Beach.

In January, the judge ruled in favor of the lender Icon Equity, Seh LLC, in another lawsuit related to residential real estate at 27 South Swinton Avenue and 104 South East First Avenue at Delray Beach. Seh took a loan of USD 10.8 million originally granted by CCHC Fund II in November 2021. Icon Equity and Shafer entities are guilty of USD 9.3 million, plus interest and fees, according to the latest order of the judge.

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