DALLAS (CN) - A condominium developer has dropped claims for a share of the $16.8 million made selling luxury condominiums in the ritzy Dallas neighborhood of Turtle Creek.
CV/PRG Turtle Creek 95 LP sued Cityview Turtle Creek 95 LP, Cityview Turtle Creek LLC, Cityview America Fund I LLC and U.S. Bank N.A. eight months ago in Dallas County Court. It said the parties formed a partnership to develop the 58-unit Newton Townhomes property. Sales of the units generated at least $16.8 million, and 4.538 percent of that should have gone to CV/PRG, according to the complaint.
But CV/PRG said that the defendants encumbered the properties with a loan from CalNational Bank and that it is clueless as to the validity or severity of the encumbrances because the defendants refused to turn over the paperwork.
"Rather than forward the percentage of the net sales proceeds for the Newton Townhomes that have sold and closed to plaintiff ... CV Turtle Creek LLC and the CV partnership have represented to the plaintiff that the net sales proceeds were forwarded to CalNational Bank to satisfy the purported loan obligations," the complaint said.
On Wednesday, the parties filed an agreed motion to dismiss with prejudice with Judge Craig Smith.
"All matters in controversy between the parties have been compromised and settled," the two-page motion states. "As a condition of the settlement, plaintiff agreed to dismiss this litigation with prejudice, with each party to bear its own attorneys' fees and with costs taxed against the party incurring the same."
Terms of the settlement were not disclosed.Follow @davejourno
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