The developer of the Columbus on Fifth apartment building in Miami’s Little Havana neighborhood was slapped with a $14.7 million foreclosure suit, the second such case to embroil the property in three years.

Columbus Apartments, tied to Miami-based Suncoast Construction Group, is accused of defaulting on a loan it took out to build the 72-unit Columbus on Fifth apartments at 514 Southwest 22nd Avenue.

Nelson Mullins partner and attorney for Columbus Apartments Justin Kaplan, acknowledged that the entity did default on the loan, because once it lost ownership of the property “it made no sense” to keep paying.

Lake Worth Development has a “potential problem,” in light of both the appeal of its ownership and because it was sued by COF Investment, Kaplan said. Lake Worth Development likely would need to take out a loan to pay off the defaulted mortgage, but it will be difficult, He said.

“Very few lenders, if any, would lend against a property that a borrower may not properly own. While this foreclosure lawsuit and the appeal are working their way through the courts, default interest is increasing by more than $6,500 per day. The longer this goes on, the higher the probability that any equity in the property will be extinguished,” Kaplan said.

Kaplan has litigated in various jurisdictions throughout the United States for both domestic and international clients. His practice centers on complex business disputes, partnership disputes, real estate litigation, defense of class actions, suits for replevin of personal property, and general outside counsel services, among others.