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Bank Sues Wimauma Developers Over $25 Million Debt
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Published: October 15, 2008
TAMPA - Whitney National Bank is suing the developers of the 2,800-home Sunshine Village subdivision in Wimauma, claiming they reneged on a $25 million note.
The bank filed the lawsuit today in Hillsborough County Circuit Court against Forest Brook/Hillsborough LLC, Forest Brook Management LLC and John M. Ryan, a managing member of the management firm,
all at 2502 Rocky Point Drive.
The bank claims the companies gave them a commercial mortgage note in May 2006 to buy the project at the southeastern corner of U.S. 301 and State Road 674 to finance its purchase from Lennar Land Partners.
The bank claims the developers stopped paying on the mortgage June 1 and still owe $24,674,340.16
Reporter Tom Brennan can be reached at (813) 259-7698 or tbrennan@tampatrib.com.
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