I’ve been keeping a close eye on the unfolding story of Le Petit Papillon Montessori, a Miami Beach private school that now faces a $4.48 million foreclosure lawsuit filed by Terrabank. This situation sheds light on the financial pressures that can overwhelm even long-standing institutions in our community.
A Financial Bind with Millions at Stake
On January 7, Miami-based Terrabank filed a foreclosure lawsuit against Le Petit Papillon Montessori Corp. and Damarys Corso, who served as the loan guarantor. The complaint also names Beep Investments, which provided a $1.5 million second mortgage to the school in May 2024. Terrabank is fighting to establish its first mortgage as the superior claim on the property.…