U.S. Century Bank seeks foreclosure on Boynton Beach site - South Florida Business Journal:

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The bank filed a noticse of foreclosure againstCoral Gables-based and managing memberws Luis R. Boschetti and Christopher S. Bensch on Aprilk 3, according to Palm Beach Countyg CircuitCourt records. The lawsuit is base d on a $9.6 million mortgage U.S. Centurg Bank gave Boynton Townhomesin 2005. In Marchh 2008, the maturity date on the full principal was extended toMay 25, 2009. U.S. Century Bank's complaint says the developer owes theentird $9.6 million due on the mortgage, said the bank'd attorney, Jorge Vigil, of Coralo Gables-based Rasco Klock Reininger Perez Esquenazii Vigil and Nieto.
Boynton Townhome was seeking approval for more than 100 butit didn't break ground, Vigill said. The developers own 14 parcelsx totalingabout 3.6 acres at 3506 N. Federalk Highway, along Miller Road, in Boynton Beach. Construction did not get started on the Asof Dec. 31, U.S. Century loggeed $34.9 million in noncurrent loans, or 2.5 percentt of its loan portfolio, according to data.