Thursday, September 9, 2010

Another Over-Leveraged Boca Raton Developer Loses to Foreclosure

North Boca Village Center loses $27M foreclosure
North Boca Village Center has been slated for auction after its owner lost a $27.3 million foreclosure judgment. Fifth Third Bank (NASDAQ: FITB) won the judgment against Boca Riverwalk LLC covering the mixed-use center on 20.3 acres at 7867 and 7887 N. Federal Highway. The online auction is set for Sept. 30.
The property, located on the Boca Raton/Delray Beach line, has 100,652 square feet of retail, office and cinema space in what formerly was known as Levitz Plaza. Boca Riverwalk planned to redevelop it. The plans included 385 residential units priced from $400,000 to $900,000; 165,350 square of retail, restaurants and entertainment; and 53,990 square feet of office space.
In 2006, the developer sold the nonprofit Caldwell Theater, a neighboring building, for $1 million and marketed it as part of the project. The bank filed for foreclosure in January.
In 2006, the managing members of Boca Riverwalk were Arthur Falcone, Leslie Arouth and Albo Antenucci Jr. None were named in the complaint. Falcone also is a partner in the Miami Worldcenter project, which also has a foreclosure pending against it from Fifth Third Bank.Read more: Foreclosure Roundup: Riverstone Shoppes faces seizure - South Florida Business Journal