The developers of Icon Palm Beach Shores are facing yet another lawsuit tied to the luxury condo project.
Investor Daniel Perla sued Marc Shulman, Anthony Shafer, IRC Equities III FL, Icon Development Holdings I, Icon Dev Owner I and ARKNH Servicing in Palm Beach County Circuit Court last week.
Perla alleges he is owed $4.9 million in unpaid loans that were meant to fund construction of the three-building, 15-unit development at 150, 200 and 206 Inlet Way, including the penthouse at 150 Inlet Way in Palm Beach Shores.
Perla provided a $2 million loan in September 2021 at a 15 percent interest rate, and a second $2 million loan a year later at a 10 percent interest rate, according to the lawsuit.
In August, the Palm Beach Post reported that condo buyers at Icon Palm Beach Shores reached a deal with the developer to complete the project. Unit prices at the project ranged from $1.9 million to $4.9 million.
Shulman and Shafer lead Delray Beach-based Icon Equity Group, a private equity and development firm. They did not immediately respond to requests for comment.
Douglas Elliman and One Sotheby’s International Realty also each sued the developer last year over allegedly unpaid commissions, court records show.
Miami-based One Sotheby’s sued last summer and filed an amended complaint in December that alleges it’s owed more than $1.6 million in commissions. Elliman sued in November seeking payment of more than $700,000 in commissions. Both brokerages say they began working with the developer in 2021. The lawsuits are still pending.
The developers’ legal troubles have extended beyond this project.
In October, three companies sued Icon Equity, its affiliates and Shulman and Shafer, seeking repayment of $2.5 million. The plaintiffs in that case are 1PO Bundle, Deerfield Group USA and a Delaware entity. They allege Shulman and Shafer engaged in a fraudulent scheme to court them into funding construction of a luxury home in Boca Raton, the Icon Palm Beach Shores condo project, a Delray Beach restaurant project and a condo development site in Deerfield Beach.
In January, a judge ruled in favor of Icon Equity’s lender, SEH LLC, in another lawsuit tied to residential properties at 27 South Swinton Avenue and 104 Southeast First Avenue in Delray Beach. SEH took over the $10.8 million loan originally provided by CCHC Fund II in November 2021. Affiliates of Icon Equity and Shafer owe SEH $9.3 million, plus interest and fees, according to the judge’s latest order.
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