Why a Newly Completed Delray Building Is in Foreclosure
The building is finished. A tenant is operating. One unit already sold. But the lender just filed a $6.85 million foreclosure suit anyway. Here's what went wrong and what it signals about developer stress in South Florida.
Key Takeaways
- Athene Annuity and Life Co. filed a $6.85 million foreclosure complaint against the Aria building in Delray Beach.
- The developer missed payments starting in August 2025, after the construction loan matured and the extensions expired.
- Only one of five residential units was sold before the lawsuit was filed.
Athene Annuity and Life Co. filed a foreclosure complaint on April 23, 2026, against 246 Delray Management LLC and loan guarantor Ronen Gershon, targeting the recently completed Aria building in…
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