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It is one of the firstf foreclosure lawsuits initiatedby Ram, which said in February that it acquired 10 nonperforminv loans valued at $57 million from two large regionak banks. The property is a 3.7-acre parcel at the northwest corner of Hagenm Ranch Road and BoyntonBeach Boulevard. Afterr Safety Harbor-based GKK-Hagen bought the land for $4.5 milliob in 2007, the developer obtained a $7.1 millionm construction mortgagefrom Birmingham, Ala.-based . That same GKK-Hagen signed a grounrd lease with Cincinnati-based , whichg planned to build a brancu onthe site. However, court records show that leasr deal was terminatedin January. On Feb.
27, Region s Bank assigned its mortgage on the site toBoyntoj Hagen, a company managed by Ram Realty II REIT. Regions also granted a $1 million mortgagse to Boynton Hagen to help finance the purchaswe ofits loan. Boynton Hagen filed its foreclosure lawsuit on Marcjh 11against GKK-Hagen and George K. Kidman, executive VP of in Safetg Harbor. Kidman declined comment. Miami attorney Raymondr V. Miller, who represents Boynton Hagen in the did not immediately return a call seeking According to ParadiseDevelopmenty Group’s Web site, it has developed 5.1 millioj square feet of retail mostly in Florida, Georgia and Pennsylvania. It said it has constructedd 47 stores and40 stores.
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