Would-be Ritz-Carlton developer ordered to pay more than $11.5M

Mere days after having his efforts to reinvent a SoBro site with a Ritz-Carlton project sidetracked due to a foreclosure, the would-be developer has experienced another legal setback related to a financing agreement.

Nashville Business Journal reports U.S. District Court Middle District of Tennessee’ Judge Eli Richardson and Magistrate Judge Barbara Holmes have ruled that RC Nashville Development Partners has defaulted on a $10 million loan from Birmingham-based Oakworth Capital Bank.