Latest / Real Estate News Today | 2 Min News | The Daily News Now!
MG Developer Faces Four Lawsuits | Real Estate News
MG Developer is under fire with four new lawsuits alleging $2.2 million in defaulted preferred equity and millions more in loans tied to South Florida properties. The company, led by Alirio Torrealba, admits to timing and liquidity challenges—especially around the North Bay Village project—while insisting it’s working to resolve disputes with long-time partners like Prosper Group, who deny involvement in the legal matters. Despite the turmoil, MG Developer is moving forward with a $100 million Coral Gables mixed-use condo project, vowing to meet obligations responsibly as lawsuits unfold…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.