Make us your home page
Instagram

Mercantile Bank demands $2.66 million from luxury builder Marc Rutenberg Homes

Bankers are making life difficult for another Tampa Bay real estate company. Mercantile Bank is demanding luxury builder Marc Rutenberg Homes repay $2.66 million on a loan that matured April 30.

The bank is trying to foreclose on Rutenberg's vacant lots in a waterfront development called Indian Point of Palm Harbor.

The Rutenberg case is part of a wider problem of banks calling loans to trim exposure to Florida real estate. On Thursday, Tampa's Kearney Construction Co. filed for bankruptcy when bankers refused to refinance or extend loans, even though Kearney was current on payments.

Company president Marc Rutenberg vowed to keep the building business running and is working deals for private investors to pay off Mercantile.

Rutenberg, nephew of famed builder Arthur Rutenberg, continues to sell houses in ritzy neighborhoods like Hawks Landing in north Pinellas County.

Mercantile Bank demands $2.66 million from luxury builder Marc Rutenberg Homes 08/28/09 [Last modified: Friday, August 28, 2009 4:42pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Pinellas construction licensing board needs to be fixed. But how?

    Local Government

    LARGO –– Everyone agrees that the Pinellas County Construction Licensing Board needs to be reformed. But no one agrees on how to do it.

    Rodney Fischer, former executive director of the Pinellas County Construction Licensing Board Rodney, at a February meeting. His management of the agency was criticized by an inspector general's report. [SCOTT KEELER   |   Times]

  2. New owners take over downtown St. Petersburg's Hofbräuhaus

    Retail

    ST. PETERSBURG — The downtown German beer-hall Hofbräuhaus St. Petersburg has been bought by a partnership led by former Checkers Drive-In Restaurants president Keith Sirois.

    The Hofbrauhaus, St. Petersburg, located in the former historic Tramor Cafeteria, St. Petersburg, is under new ownership.
[SCOTT KEELER  |  TIMES]

  3. Boho Hunter will target fashions in Hyde Park

    Business

    Boho Hunter, a boutique based in Miami's Wynwood District, will expand into Tampa with its very first franchise.

    Palma Canaria bags will be among the featured items at Boho Hunter when it opens in October. Photo courtesy of Boho Hunter.
  4. Gallery now bringing useful art to Hyde Park customers

    Business

    HYDE PARK — In 1998, Mike and Sue Shapiro opened a gallery in St. Petersburg along Central Ave., with a majority of the space dedicated to Sue's clay studio.

     As Sue Shapiro continued to work on her pottery in St. Petersburg, her retail space grew and her studio shrunk. Now Shapiro's is bringing wares like these to Hyde Park Village. Photo courtesy of Shapiro's.
  5. Appointments at Raymond James Bank and Saint Leo University highlight this week's Tampa Bay business Movers & Shakers

    Business

    Banking

    Raymond James Bank has hired Grace Jackson to serve as executive vice president and chief operating officer. Jackson will oversee all of Raymond James Bank's operational business elements, risk management and strategic planning functions. Kackson joins Raymond James Bank after senior …

    Raymond James Bank has hired Grace Jackson to serve as executive vice president and chief operating officer. [Company handout]