MG Developer Sued for Foreclosure Over $31.1M Default on Hialeah Metro Parc South Project

Slate Property Group and The Carlyle Group filed a foreclosure lawsuit on September 22 against Coral Gables-based MG Developer over an alleged $31.1 million default tied to the Metro Parc South multifamily project in Hialeah, Florida. The claim stems from a $105 million construction financing package secured in April 2025. Lenders allege MG defaulted by allowing construction liens on the property, missing required reserve account deposits and failing to pay 2025 property taxes, per court documents. Default notices were sent in January, May and June 2026; a forbearance agreement has since expired. The lenders seek $31.1 million plus interest, attorneys' fees and court costs. MG said it is in "good-faith negotiations," including securing an additional investor. The suit is the latest among eight lender complaints filed in Miami-Dade Circuit Court since this summer, collectively seeking $21.4 million.