A downtown Miami apartment tower deal has turned into an expensive headache for Adler Group, after a Miami-Dade judge ordered the developer to pay roughly $1.2 million to a New York brokerage over an unpaid finder’s fee tied to the project’s equity financing.
The dispute centers on a finance-placing agreement connected to the Modera Riverside development near the Miami River. A Miami-Dade Circuit Court ruling found Adler failed to honor its fee arrangement with Incitatus Real Estate, which says it was the one that brought in the equity partner for the tower. Adler has signaled it is not taking the decision lying down and is likely to appeal.
On March 18, Miami-Dade Circuit Court Judge Lisa Walsh concluded that Adler avoided paying Incitatus $913,802, equal to 1.5 percent of the equity capital Adler obtained from Boston-based CrossHarbor. With accrued interest, attorneys’ fees and costs added on, the final tab climbs to about $1.2 million, according to The Real Deal.
Incitatus initially invoiced Adler for $855,000, then bumped that figure to $913,802 after the final equity number was confirmed. The brokerage maintains it was responsible for introducing CrossHarbor, organizing calls, circulating materials and keeping negotiations alive under a 2020 finance-placing agreement with Adler’s development entity, per the same reporting.
Project at the center of the fight
The fees stem from financing tied to Modera Riverside, a roughly 36-story apartment tower that Adler developed with Mill Creek along the Miami River in downtown Miami. Mill Creek’s announcement and related project documents spell out the joint development partnership and early financing efforts, according to a Mill Creek press release via PR Newswire.
Adler weighs its next move
Alejandro Miyar, a partner at Berger Singerman who represents Adler, told reporters the company is “evaluating our options and are likely to appeal,” according to the coverage. Court filings in the case also show that Adler paid a separate $250,000 commission to another brokerage while the finder’s-fee dispute with Incitatus remained unresolved, per The Real Deal.
Legal takeaway
Finder’s-fee disputes like this one often turn on the fine print and on whether the intermediary’s work crossed into activities that require a licensed broker. Outcomes around the country vary based on the particular facts and the state rules in play.
Past appellate decisions show that courts tend to drill into two things: what the written agreement actually says and the precise nature of the services performed, as illustrated in reported case law available on Justia.
With the judgment now entered, Incitatus holds a court order it can use to pursue collection while Adler figures out whether to press ahead with an appeal. The clash is a pointed reminder for developers and capital-placing firms to spell out fee triggers, licensing expectations and payment mechanics in clear writing long before a big deal gets to the closing table.
