Madison Realty Capital

Justice Andrew Borrok's temporary order buys Penn-Florida time on the Mandarin Oriental Boca Raton condo tower, but the underlying mortgage foreclosure keeps running in Palm Beach County.

A New York countersuit accuses Madison Realty of installing an inexperienced decision maker and ordering vendors starved, raising the stakes on lender control of branded-condo construction.

A New York judge has already blocked the lender's UCC auction once, with a hearing set for October 1.

The lawsuit accuses the New York lender, which took the tower via a 2024 UCC foreclosure, of diverting dues and letting concrete and waterproofing failures go unaddressed.

A nine-figure loan on a 112-unit beachfront condo shows for-sale capital is still flowing to the right Jersey Shore address.