Florida’s Third District Court of Appeal reversed a final summary judgment of a foreclosure ruling on the Tides Hotel in Miami Beach by the Miami-Dade Circuit Court, which—before it was reversed—allowed over $20 million in retroactively calculated default interest on a loan.
The foreclosure involves three main actors: First, the appellate-defendant, CG Tides LLC, which is the mortgagor who borrowed the money and obtained the mortgage at issue; second, the original lender, Ocean Bank; and third, the plaintiff-appellee, SHEDDF3 VNB LLC, an affiliate of Safe Harbor Equity, which purchased the note and mortgage from Ocean and brought the foreclosure action.
