Slate Property Group and The Carlyle Group v. MG Developer (Metro Parc South Construction Loan Foreclosure)
Construction lenders Slate Property Group and The Carlyle Group sued Coral Gables-based MG Developer on September 22, 2026 to foreclose on Metro Parc South, a planned 347-unit, 10-story apartment tower in Hialeah, Florida, alleging MG Developer defaulted on $31.1 million of a $105 million construction loan by allowing liens to attach to the property, missing required reserve deposits, and failing to pay 2025 property taxes. The lenders say they sent default notices in January, May, and June of 2026 and entered a forbearance agreement that has since expired without a cure.
Why it matters
Shows how covenant-based defaults tied to liens, reserve deposits, and tax payments can trigger construction-loan foreclosure well before a loan's maturity date, independent of whether the borrower is current on debt service. MG Developer's principal, Alirio Torrealba, faces eight additional suits in Miami-Dade Circuit Court over promissory notes, illustrating how platform-wide sponsor distress can accelerate individual lenders' willingness to enforce.
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