Distress call: Foreclosures threaten 13 South Florida dev sites

The last couple of years have been rough on developer Brian Tuttle.  In December 2023, faced with a maturity date on three loans totaling $38.4 million secured by a Royal Palm Beach development site, Tuttle was on the hunt for new lenders to refinance the debt, and new equity partners that could provide capital to break ground on his 38-acre mixed-use project, Mainstreet at Tuttle. But Tuttle got an icy reception from banks and potential investors. “Banks were saying that due to interest rates, the appraisals had to be reduced significantly,” Tuttle told The Real Deal. “And with the appraisals […]This article originally appeared on The Real Deal. Click here to read the full story.