Concord Wilshire Capital is positioned to acquire a distressed 38-acre development site in Royal Palm Beach for $60 million, according to recent court filings. The property, which is part of the larger 200-acre Tuttle Royale master planned community at the intersection of U.S. 441 and Southern Boulevard, has been facing financial challenges including a $47.4 million foreclosure judgment.
The current owners, two entities managed by developer Brian Tuttle, are seeking approval from bankruptcy court for a reorganization plan that presents two possible outcomes to resolve the foreclosure debt. Under one scenario, Concord Wilshire Capital, based in Miami and led by Nate Sirang, would purchase the site for $60 million.
If this sale does not proceed, an alternative plan would see Coral Gables-based The Ardent Companies acquiring and consolidating the Tuttle entities before paying off the mortgage debt.
The financial troubles stem from a 2024 foreclosure lawsuit filed by Fort Lauderdale-based Fuse Group, led by Eyal Peretz. Fuse Group obtained a final judgment against Tuttle’s entities after they defaulted on three loans totaling $38.4 million. Since then, accrued interest and fees have increased the amount owed to over $60 million.
Originally planned as The Mainstreet at Tuttle project, the site was intended to feature 401 apartments, a 125-key hotel, 400,000 square feet of retail space, nearly 83,000 square feet of offices and more than 3,400 parking spaces. However, construction has not yet begun.
A scheduled foreclosure auction for September was halted when Tuttle’s entities filed chapter 11 petitions in Miami bankruptcy court one day prior to the event. Since then, representatives from all parties—including Fuse Group and Ardent—have participated in settlement discussions leading up to the proposed reorganization plan.
According to documents submitted on January 23rd, if Concord’s purchase is finalized: “$1.8 million would pay unsecured creditors, $471,000 would pay delinquent property taxes, and an undetermined amount would pay attorney fees for the Tuttle entities.” The remaining funds would be used to settle debts with Fuse Group.
Should this deal fall through and Ardent step in as buyer instead: “Ardent would pay Fuse $50 million after acquiring the unified Tuttle entity.” In this scenario Brian Tuttle would remain personally liable as guarantor on loans owed to Fuse Group.
Bankruptcy filings indicate that among unsecured creditors are another lender owed $7.8 million and BC Architects with outstanding fees of $1.5 million.
U.S. Bankruptcy Court Judge Erik Kimball is expected to make a decision regarding approval of the reorganization plan on Friday.
Representatives for all involved parties declined or did not respond to requests for comment.
