A Miami-Dade judge ruled on April 3 that Adler Group must pay $1.2 million to Incitatus Real Estate for failing to pay a broker finder’s fee related to a downtown Miami apartment development.
The judgment follows a lawsuit by Incitatus, which said it was owed compensation for introducing Boston-based CrossHarbor Capital Partners as an equity partner in the Modera Riverside project. The ruling includes the original amount of $913,802 plus accrued interest, attorneys’ fees, and costs.
According to court documents, Incitatus signed a finance placing agreement with Adler in 2020 to source debt and equity for the project at 230 Southwest Third Street and 300 Southwest Second Avenue. The brokerage claimed its role included introducing CrossHarbor, organizing communications, circulating materials, securing non-disclosure agreements, and supporting negotiations over several months.
Adler argued that it had sold the project to Mill Creek Residential in 2021 and was not obligated to pay Incitatus. However, Incitatus alleged this was misleading because Adler retained an ongoing equity stake through a joint venture with CrossHarbor holding a 90 percent interest and Adler and Mill Creek each holding five percent. David Adler acknowledged in court filings that “Incitatus had ‘brought the equity'” for the deal.
Incitatus maintained that its contract with Adler was for sourcing capital rather than brokering real estate transactions—a distinction it said mattered because another firm handled the property sale itself for a separate commission. The lawsuit also accused Adler of acting in bad faith by trying to terminate their agreement after the dispute began.
Alejandro Miyar of Berger Singerman, representing Adler Group, said: “We are evaluating our options and are likely to appeal.”
