Carlo Marzano, the developer-owner of Sirenusa, a multi-story condominium project perched above Cruz Bay, has given the property to the bank to avoid foreclosure.
“The truth is that an affiliate of Banco Popular has taken over the project from the original developer/borrower,” said George Dudley, a partner in the law firm, Dudley, Topper and Feuerzeig, counsel to Banco Popular and its affiliate. “Marzano didn’t sell the property — he gave the property to the bank in lieu of foreclosure.”
The property was transferred to BP Sirenusa International, LLC by way of a deed in lieu of foreclosure, Dudley said. Although he did not know the exact date of transfer, Dudley said it occurred in the later part of August.
While it remains unclear the exact amount Marzano lost, his mortgage with Banco Popular was slightly over $50 million, according to Dudley.
Although Dudley would not comment on what the future holds for the hilltop development or when construction would commence again, he said the development will not be left unfinished.
“I can assure you that the bank has no intention of leaving the property in its current state,” Dudley said. “That is a fact, but I cannot speculate on what is going to happen to the property in the future.”