“This is absurd”: After promising Miami rise, Alirio Torrealba under fire from lenders over $82M

Developer Alirio Torrealba was working late on a Friday in May, pleading with a lender for more time on $2.25 million in loans the lender said were in default.  “I am not asking you for a reduction, or a discount, or to stop complying,” Torrealba wrote in Spanish to Paulo Pérez Ilabaca in an email fired off at 7:37 p.m. “I am simply asking you for a little additional time to do it correctly.” Pérez and Torrealba’s companies then struck a deal, shifting repayment liability to a fourth Torrealba project. But that arrangement unraveled, too, and weeks later, Pérez’s lending […]

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