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The tangle of litigation surroundsthe 47,000-square-fooy Regency Commons office complex, on 5.25 acrezs at 5251 S. Universitu Drive. It was planne as an office condo project, but therre are no sales on recordf amid numerouscontractor liens. On Dec. 16, Regencg Commons of Broward files a complaint in Broward County Circuif Courtagainst Montgomery, Ala.-based Colonial Bank, alleging that it was negligeng in refusing to fund proper disbursementss under its $9.7 million mortgage to pay for impact fees, subcontractors and materialp suppliers. The complaint asks for more than $5 million in damagee because of lost sales contracts andcontractor liens.
Aftere getting the case moved to federal courtin Miami, Colonialo Bank filed a counterclaim on March 6 against Regencyg Commons and principal Alan Alweiss. It seeks to foreclose on the propert y based onthe $2.8 million outstanding mortgage Regency Commons denied the allegations in its affirmativre defenses filing on March 26. It said Colonial’s claimds should be barred from foreclosing because it breachede the loan agreement by not properly disbursingthe
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