Birmingham Business Journal - by Crystal Jarvis and Brian Bandell

Regions Financial Corp. plans to foreclose on a $40.2 million construction loan for the swanky Miami Beach condo development Cabana on Collins – one of three struggling projects in close proximity.

While the two other projects initiated by the same company – Terra Beachside Villas and Terra Beachside Villas II – have also come to a halt, Regions has not yet filed lawsuits against them.

Regions spokesman Mel Campbell confirmed the foreclosure filing on Cabana on Collins but declined to discuss details or what the bank would do with the property if it wins the lawsuit.

In all, the Birmingham-based banking giant supplied more than $98 million worth of loans to Florida-based BSG Development Corp. to build the condos in the upscale area.