Cottonwood Group to Foreclose Mercedes-Benz Places Site

Cottonwood Group is pursuing foreclosure on the Mercedes-Benz Places condo development site in Miami, alleging the developer defaulted on a loan that was due to mature in January 2025. The Cottonwood affiliate recently took over as lender from Maxim Credit Group.

The article describes the project as an 800-unit, two-tower condo development launched in 2024, with unit prices starting at $500,000. It says presales are about $450 million and that sales and marketing are handled by Ryan Serhant’s firm.

Cottonwood alleges the developer owes nearly $100 million, including $80.4 million of principal and nearly $20 million in interest, with interest accruing daily after March 30. The planned scope includes more than 130,000 square feet of amenities and a 174-key hotel, with construction completion delayed from the prior schedule.