A judge ruled on April 3 that Adler Group must pay $1.2 million to Incitatus Real Estate after finding the developer failed to pay a broker’s finder’s fee for securing an equity partner in a downtown Miami apartment development.
The ruling addresses a financial dispute involving the Modera Riverside project, where Incitatus claimed it was owed payment for introducing CrossHarbor Capital Partners as an equity investor. The judgment includes accrued interest, attorneys’ fees, and costs.
According to court documents, Adler avoided paying Incitatus $913,802—representing 1.5 percent of the equity capital obtained from Boston-based CrossHarbor Capital Partners in 2021. The decision was issued by Miami-Dade Circuit Court Judge Lisa Walsh on March 18.
Incitatus argued that its agreement with Adler’s development entity entitled it to a financing fee once funding was delivered and that it had played a key role in connecting Adler with CrossHarbor through organizing calls, circulating materials, and facilitating negotiations over several months. The brokerage maintained that its arrangement was strictly as a finder sourcing capital for the project rather than acting as a real estate broker.
Adler principal David Adler acknowledged in 2023 that Incitatus had “brought the equity” and confirmed CrossHarbor held a majority stake in the joint venture. Despite this acknowledgment, Adler did not pay the invoiced amount of $855,000—which later increased to $913,802 following confirmation of final figures—and instead claimed it had sold the project outright to Mill Creek Residential. However, Incitatus alleged this claim was misleading since Adler retained an ongoing equity stake.
Alejandro Miyar of Berger Singerman, representing Adler Group, said: “We are evaluating our options and are likely to appeal.”
The case highlights ongoing disputes within commercial real estate transactions about how fees are determined when multiple parties contribute different services or capital connections.
