In for a bad time: Miami Beach’s Goodtime Hotel owners in legal battle over $149M debt

The developers of Miami Beach’s Goodtime Hotel are in for a not-so-good time over a payment guarantee tied to an allegedly defaulted $149.3 million mortgage. Eric Birnbaum and Michael Fascitelli allege CIM Group is seeking to illegally collect at least $10 million via the payment guarantee, even if they turn over the 266-key hotel at 601 Washington Avenue via a deed-in-lieu of foreclosure. That’s according to a counterclaim filed in New York Supreme Court this week against an affiliate of the Sacramento-based lender.  In July, the CIM affiliate sued Birnbaum and Fascitelli, who lead New York-based Imperial Companies, for allegedly […]

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