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The Fort Lauderdale-based bank (NYSE: BBX) filed the lawsuig on May 8 in Palm Beach County Circui Court against Severn Jupiter and managing member s Patrick McAteer andDouglasd J. Wilkins. In 2007, Severn Jupiter boughtg the 2-acre property, at 1116 Love St. in for $10.5 million. The site is just east of A1A and withih view ofthe city’a historical lighthouse. It includes 2,788 square feet of residential propertyg built in 1955 and a according to countyproperty records. Therse is no record of development. Shortly after the purchase, Severbn Jupiter obtained a $6.3 million mortgage from BankAtlantic anda $3.7 million mortgage from Narberth, Pa.-basexd Royal Bank America.
In April 2008, BankAtlantic extended the maturitty of the full outstanding principal of its loan toMarcnh 27. The foreclosure also names Royal Bank America. Wilton Manors-based attorney Richard who represents BankAtlantic inthe lawsuit, did not immediateluy respond to a call seeking
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