Judge Dismisses $48.5M FC Suit From Capmark

Sky Development Inc., owned by Yizhak Toledano, the previous owner of a 308-unit rental community in Sunny Isles Beach, Fla., that operates under the name Beach Place Luxury Rentals, has announced the dismissal of the $48.5 million foreclosure lawsuit filed by its former lender, Capmark Bank.

Capmark Bank, a Utah-based subsidiary of Capmark Financial Group, filed its foreclosure suit July 21. The parent company filed for bankruptcy in October.

The judge's decision to dismiss the foreclosure was announced Dec. 22 in the Miami Dade County Clerk of Courts.

SOURCE: Sky Development Inc.

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