An extension of time has been granted by the court based upon a request by MCZ Centrum. The next hearing is scheduled for Aug. 24th at 8:45am.
These foreclosure proceedings normally take several months and considering the current large number of foreclosures in Palm Beach County it would be expected for this process to take up to 2 years.
Residents often inquire about the outcome of the foreclosure and what will eventually happen to the Boca Teeca/Ocean Breeze golf course. It is our expectation that another investment group will buy the property and operate it as a golf course--similar to what happen to the Boca Greens golf course in Dec. 2009. An investment group has contacted members of the Save Boca Raton Green Space organization in order to access their interest in supporting an effort to purchase the golf course after the foreclosure process is complete versus MCZ Centrum.
Showing posts with label foreclosures Boca Raton. Show all posts
Showing posts with label foreclosures Boca Raton. Show all posts
Wednesday, July 14, 2010
Monday, May 24, 2010
Town Hall Meeting-May 24th at 6pm at City Hall
There is a town hall meeting May 24th at 6pm at city hall. City council members will be present to listen to your concerns and recommendations regarding city leadership. This is your opportunity to provide your opinion on the direction of the city, including development approvals, traffic congestion, foreclosure impacts, etc...
Saturday, May 22, 2010
North Ocean Blvd. Property Proposed Development Site - Ocean Strand
The property was purchased to protect it from development, so is the city now considering breaking this promise to neighbors on North Ocean Blvd.?
Developer proposes Boca Raton park district land for private beach club
By Angel Streeter Sun Sentinel - Wednesday, May 19, 2010
Many hailed the purchase of the Ocean Strand property in 1994 as a major victory for preserving green space. For $11.88 million, the Greater Boca Raton Beach & Park District secured the city's last sizeable piece of undeveloped oceanfront property, saving the 15-acre site near Gumbo Limbo Nature Center from development. And there it has sat, undeveloped, untouched, in the midst of condominiums, single-family homes and other city parkland. Now, a developer is proposing building a private beach club on a portion of the property as part of a major development planned for downtown.
But residents who live near the property worry a beach club, possibly with dining and bars, could change the quiet, residential character of the coastal neighborhood."It would destroy the area," said Alan Goldman, who is on the condominium board of the Aegean, condominiums just south of Ocean Strand. "You've got an area here with no commercial property on the ocean side."District commissions have yet to agree; their lawyer is looking into the proposal.
"They said, 'We can think about this,' " said Bob Langford, park district executive director. "But there's a ton of things to think about. "The proposed beach club is critical to development of Via Mizner, a $1 billion redevelopment project at the northeast corner of Federal Highway and Camino Real, Penn-Florida Companies says. The mixed-use development, approved by Boca Raton's Community Redevelopment Agency in 2006, could consist of a 118-room luxury hotel, office space, 192 condominiums and high-end retail stores and restaurants. Penn-Florida has stressed to city and park district officials that the beach club would be a necessary amenity to attract an exclusive international hotel that has expressed interest in the Via Mizner project. And that hotel is critical to the success of Via Mizner overall.In an April 27 letter to City Manager Leif Ahnell, Penn-Florida President Mark Gensheimer asked the city to help the developer get access to the oceanfront portion of the Ocean Strand property to build a "low-rise beach club.
"In addition, a western portion of the property would be needed for beach club parking. In addition, Gensheimer said, Penn-Florida would help develop the Ocean Strand property as a passive park. In response, and at the direction of the City Council, Ahnell wrote to the park district board, stressing the importance of Via Mizner to the downtown and "its huge economic development potential. "He said the council was interested in exploring the beach club idea and getting public input. The developer's lawyer proposed the beach club to the district in December. Although at the time, the commissioners didn't know who the lawyer was representing or what major development he was referring to, Langford said. That had been the only contact the district had with Penn-Florida, he said.
At the December meeting, the developer's representative explained that the developer would want to lease the oceanfront property for the private beach club. But many questions remain unanswered: How much land does the developer want? How much is the developer willing to pay? When would the developer want to build the beach club?And a critical question for the park district is whether it should turn over public land to a private entity that wants to develop it.
"We haven't been too aggressive about building anything out there," Langford said. "We didn't buy it to develop it. We didn't buy it for any particular use. "The district bought it because neighbors and the city didn't want the previous owners to move forward with plans to build 79 condominiums and six beachfront homes on the site.Since the purchase, the district has done very little with the property.
Early on, it removed some old homes and duplexes. But nothing else has been done. And the land gets very little use. Neighbors seem to like that. They worry a beach club would bring traffic and noise. "It's basically like a nightclub in the middle of a residential area," said Mike Graham, who lives just north of the Ocean Strand property.While he approves of the Via Mizner project Penn-Florida plans downtown, he is skeptical about the district leasing prime real estate to a developer for a fraction of what it's worth."I'd sure like to know more about it," he said. "The beaches are nice. The traffic is minimal. It's our last piece of prime ground.
"Penn-Florida stressed it would work with neighbors to create a low density, low-rise beach club that would enhance the neighborhood, said Bonnie Kaye, a Penn-Florida spokeswoman. "The plans are conceptual," she said. "Nothing is finalized because the goal is to work with the city and the neighbors in a collaborative effort. The plans are to make it a showpiece and a welcome part of the community."
Developer proposes Boca Raton park district land for private beach club
By Angel Streeter Sun Sentinel - Wednesday, May 19, 2010
Many hailed the purchase of the Ocean Strand property in 1994 as a major victory for preserving green space. For $11.88 million, the Greater Boca Raton Beach & Park District secured the city's last sizeable piece of undeveloped oceanfront property, saving the 15-acre site near Gumbo Limbo Nature Center from development. And there it has sat, undeveloped, untouched, in the midst of condominiums, single-family homes and other city parkland. Now, a developer is proposing building a private beach club on a portion of the property as part of a major development planned for downtown.
But residents who live near the property worry a beach club, possibly with dining and bars, could change the quiet, residential character of the coastal neighborhood."It would destroy the area," said Alan Goldman, who is on the condominium board of the Aegean, condominiums just south of Ocean Strand. "You've got an area here with no commercial property on the ocean side."District commissions have yet to agree; their lawyer is looking into the proposal.
"They said, 'We can think about this,' " said Bob Langford, park district executive director. "But there's a ton of things to think about. "The proposed beach club is critical to development of Via Mizner, a $1 billion redevelopment project at the northeast corner of Federal Highway and Camino Real, Penn-Florida Companies says. The mixed-use development, approved by Boca Raton's Community Redevelopment Agency in 2006, could consist of a 118-room luxury hotel, office space, 192 condominiums and high-end retail stores and restaurants. Penn-Florida has stressed to city and park district officials that the beach club would be a necessary amenity to attract an exclusive international hotel that has expressed interest in the Via Mizner project. And that hotel is critical to the success of Via Mizner overall.In an April 27 letter to City Manager Leif Ahnell, Penn-Florida President Mark Gensheimer asked the city to help the developer get access to the oceanfront portion of the Ocean Strand property to build a "low-rise beach club.
"In addition, a western portion of the property would be needed for beach club parking. In addition, Gensheimer said, Penn-Florida would help develop the Ocean Strand property as a passive park. In response, and at the direction of the City Council, Ahnell wrote to the park district board, stressing the importance of Via Mizner to the downtown and "its huge economic development potential. "He said the council was interested in exploring the beach club idea and getting public input. The developer's lawyer proposed the beach club to the district in December. Although at the time, the commissioners didn't know who the lawyer was representing or what major development he was referring to, Langford said. That had been the only contact the district had with Penn-Florida, he said.
At the December meeting, the developer's representative explained that the developer would want to lease the oceanfront property for the private beach club. But many questions remain unanswered: How much land does the developer want? How much is the developer willing to pay? When would the developer want to build the beach club?And a critical question for the park district is whether it should turn over public land to a private entity that wants to develop it.
"We haven't been too aggressive about building anything out there," Langford said. "We didn't buy it to develop it. We didn't buy it for any particular use. "The district bought it because neighbors and the city didn't want the previous owners to move forward with plans to build 79 condominiums and six beachfront homes on the site.Since the purchase, the district has done very little with the property.
Early on, it removed some old homes and duplexes. But nothing else has been done. And the land gets very little use. Neighbors seem to like that. They worry a beach club would bring traffic and noise. "It's basically like a nightclub in the middle of a residential area," said Mike Graham, who lives just north of the Ocean Strand property.While he approves of the Via Mizner project Penn-Florida plans downtown, he is skeptical about the district leasing prime real estate to a developer for a fraction of what it's worth."I'd sure like to know more about it," he said. "The beaches are nice. The traffic is minimal. It's our last piece of prime ground.
"Penn-Florida stressed it would work with neighbors to create a low density, low-rise beach club that would enhance the neighborhood, said Bonnie Kaye, a Penn-Florida spokeswoman. "The plans are conceptual," she said. "Nothing is finalized because the goal is to work with the city and the neighbors in a collaborative effort. The plans are to make it a showpiece and a welcome part of the community."
Tuesday, May 18, 2010
MCZ Centrum Delinquent for 2008 & 2009 Taxes/Boca Teeca Golf Course
MCZ Centrum has not paid their real estate taxes for 2008 or 2009, yet they claim that they are going to fight the foreclosure on the property which they purchased with mostly borrowed money from Wachovia Bank. This is another example of an over-leveraged developer who had the misfortune of investing in a project that does not generate enough cash flow to cover the debt service and taxes. This real estate investor invested less than $200,000, borrowed $7 million from Wachovia and bought over 200 acres of golf course land in Boca Raton. The property is now in foreclosure and the local representative of the developer claims that they are going to fight the foreclosure.
Thursday, April 29, 2010
MCZ Centrum in Foreclosure - Again
As reported in the March 25th edition of the South Florida Business Journal:
In the sixth pending foreclosure lawsuit against it, MCZ/Centrum could lose control of a 202-acre golf course in Boca Raton. Wachovia Bank filed the foreclosure action on March 18 against MCZ/Centrum Florida V owner and President Michael Lerner, along with managing members Arthur Slaven, Laurence Ashkin and John McLinden, according to Palm Beach County Circuit Court records. It concerns the Ocean Breeze Golf & Country Club at 5800 N.W. Second Ave.
The developer – a partnership between MCZ Development and Centrum Properties – planned to build 211 homes on the golf course. Many residents opposed it, and it never took off.
The developer bought the site for $7.2 million in 2004 and obtained a $7 million mortgage from Wachovia. The loan matured in May 2009. West Palm Beach attorney Lawrence Rochefort, who represents Wachovia in the lawsuit.
MCZ/Centrum purchased prominent properties in South Florida during the height of the real estate boom. It successfully converted The Wave and The Tides in Hollywood, and the nearly 1,700-unit Flamingo in Miami Beach. However, things started unraveling last year, when lenders filed foreclosure lawsuits against its residential projects Parc Central Aventura, Palms Club Condominiums in Orlando, Mirabella Condominiums in Orlando, the Serenata Sarasota Condominiums and a 788-acre site in Manatee County.
Read more: MCZ/Centrum faces foreclosure in Boca Raton - South Florida Business Journal:
In the sixth pending foreclosure lawsuit against it, MCZ/Centrum could lose control of a 202-acre golf course in Boca Raton. Wachovia Bank filed the foreclosure action on March 18 against MCZ/Centrum Florida V owner and President Michael Lerner, along with managing members Arthur Slaven, Laurence Ashkin and John McLinden, according to Palm Beach County Circuit Court records. It concerns the Ocean Breeze Golf & Country Club at 5800 N.W. Second Ave.
The developer – a partnership between MCZ Development and Centrum Properties – planned to build 211 homes on the golf course. Many residents opposed it, and it never took off.
The developer bought the site for $7.2 million in 2004 and obtained a $7 million mortgage from Wachovia. The loan matured in May 2009. West Palm Beach attorney Lawrence Rochefort, who represents Wachovia in the lawsuit.
MCZ/Centrum purchased prominent properties in South Florida during the height of the real estate boom. It successfully converted The Wave and The Tides in Hollywood, and the nearly 1,700-unit Flamingo in Miami Beach. However, things started unraveling last year, when lenders filed foreclosure lawsuits against its residential projects Parc Central Aventura, Palms Club Condominiums in Orlando, Mirabella Condominiums in Orlando, the Serenata Sarasota Condominiums and a 788-acre site in Manatee County.
Read more: MCZ/Centrum faces foreclosure in Boca Raton - South Florida Business Journal:
Sunday, September 27, 2009
Foreclosure Roundup in Boca Raton area
Congress Corporate Centre + Hotel at Yamato Rd. & I-95 (Sept. 2009)
The owner of the recently completed Congress Corporate Center in Boca Raton is facing foreclosure on that property, along with two of his hotels. Broadway Bank filed the foreclosure action against Shubh Boca Condominium and Atul Bisaria based on a $10.2 million mortgage issued in 2007. The 66,371-square-foot office is at 903 N.W. 65th St., in the Arvida Park of Commerce. Online advertising says it is available for lease at $19.50 a square foot or for purchase at $199 a square foot. In May, now-defunct Mutual Bank filed a foreclosure lawsuit against Bisaria and his Shubh Hotels Boca over the 183-unit Guest Suites of Boca Raton (formerly a/k/a Double Tree hotel). The developer bought the hotel, at 701 N.W. 53rd St., for $7 million in 2002 and took out a $28.9 million mortgage six years later for renovations.
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Boca Village Corporate Centre - Yamato Rd. & Congress Ave. (Sept. 2009)
Even Ned L. Siegel and Malcolm Butters, both veteran commercial developers, haven’t escaped the recession without encountering foreclosure litigation. Key Bank named the developers in its foreclosure lawsuit against the undeveloped portion of their Boca Village Corporate Centre. It concerns a $3.1 million mortgage on a 4.4-acre parcel near Yamato Road and Congress Avenue that is zoned for 107,000 square feet of office space. CB Richard Ellis listed the site for sale for $6.8 million
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Beason Square Office Condo Complex near I-95 & Congress Ave. exit (Aug. 2009)
The developer of the Beacon Square Professional Campus office condo park in Boca Raton could lose the 43 unsold units there to a foreclosure by Wachovia Bank. A subsidiary of Wells Fargo Bank, Wachovia filed the foreclosure action on Aug. 4 against Weston-based Beacon Square Professional Campus LLC and managing members David Ortiz and Harry M. Rosen, according to Palm Beach County Circuit Court records. It is based on a mortgage issued in 2004 for $16 million and last modified in June 2008 at $13.3 million. The campus – at 7777 and 7781 Beacon Square Blvd., just south of the Congress Avenue interchange at Interstate 95 – features seven buildings encompassing 156 office condo units on 34.7 acres. Only one of the buildings appears empty. It has zoning approval for two more buildings. From 2006 through July 9, Beacon Square made 14 sales for $13.8 million. That includes $5.7 million in sales that were made since the developer’s loan was modified at $13.3 million.
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Yamato Crossings faces foreclosure (June 2009)
The owner of the Yamato Crossings shopping center in Boca Raton became the latest retail developer in South Florida to get hit with a foreclosure lawsuit. Fifth Third Bank filed the action against Yamato Crossing Associates and Boca Raton-based Talbott Realty, which has been hit with foreclosure lawsuits on several other commercial properties managed by its president, Gregory K. Talbott. The complaint is based on a mortgage last modified at $9.4 million in 2007. It covers the nearly 30,000-square-foot Yamato Crossings, at 202 Yamato Road, between Interstate 95 and U.S. 1. Tenants include a CVS pharmacy, Panera Bread and Regions Bank.
The city council has recently approved the construction of a bank on this site and in early 2009 the city also approved a rezoning of the site to allow for more fast food restaurants. This now appears to be an effort by the property owner to be bailed-out of an over-leveraged development. Adjacent residents in Boca Pinar opposed the rezoning as they had been promised by the city to maintain a buffer between their residential development and this retail center. Will the city now consider restoring the old zoning in order to protect the residents?
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Piccadilly Square shopping center in Boca Raton are facing foreclosure (May 2009)
Miami-based FirstBank Florida filed the foreclosure action on May 26 against Fort Lauderdale-based Serinev Corp., Expression Enterprises and several lenders with additional mortgages on the property, according to Palm Beach County Circuit Court records. Built in 1970, Piccadilly Square has 44,935 square feet between two buildings at 8221 Glades Road in Boca Raton. The 4.5-acre site is just west of Florida’s Turnpike. Tenants include Dunkin’ Donuts, Allstate and International Jewelers Exchange.
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199 W. Palmetto Park Rd. Office Building (April 2009)
A Boca Raton office building is the target of a foreclosure lawsuit by the families that sold the building and provided financing to its new owners. The litigation involves a 10,211-square-foot office building at 199 W. Palmetto Park Road, near Northwest Boca Raton Boulevard. Boca Raton residents Herbert L. Wachtel, Lenore Wachtel, Joel Granet, Janette Granet, Gladys Granet and Arnold Granet owned it. They sold to office for $4.4 million to Boca Raton-based SRAM Palmetto in 2005 and provided the new owner with a $5 million mortgage. On March 25, the Wachtel and Granet families filed a foreclosure lawsuit against SRAM Palmetto and Dorchester Realty, according to Palm Beach County Circuit Court records. West Palm Beach attorney Gregory D. Cook, who represents the Wachtels and Granets in their lawsuit, did not immediately return a call seeking comment.
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Another Arvida Park of Commerce (a/k/a APOC) in Foreclosure (April 2009)
Boca Raton-based Cambridge Assets II owns the 137,066-square-foot facility, at 750 Park of Commerce Drive. The building is on 9.5 acres inside the Arvida Park of Commerce. After buying the building for $20 million in 2005, Cambridge Assets II obtained a $15 million mortgage from Artesia Mortgage Capital Corp., which later sold the loan on the commercial mortgage-backed securities (CMBS) market. According to a December report on CMBS quality by Horsham, Pa.-based Realpoint, Cambridge Assets II was 60 days past due on the $14.3 million remaining on its mortgage.
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770 E. Palmetto Park Rd.-Former Le Vielle Maison restaurant (March 2009)
A bankruptcy court judge has denied a company owned by Boca Raton developer Gregory K. Talbott relief from its mortgage holder, paving the way for the lender to continue with its foreclosure in county court. The 6,798-square-foot building at 770 Palmetto Park Road in Boca Raton, which once housed La Vieille Maison, a restaurant is subject to the foreclosure. Boca Raton attorney Joey M. Grant, who represents 770 PPR, said his client has not decided whether to appeal the judgment. Stuart-based Seacoast National Bank won a $2.4 million judgment against 770 PPR, but its public auction to sell the property was delayed by the Chapter 11 filing. The bank subsequently sold the judgment to New York-based TJCV Land Trust, which successfully argued that 770 PPR is a single-asset debtor that is not eligible for Chapter 11 protection. It is one of six South Florida properties owned by Talbott or one of his companies facing a foreclosure action. A separate attempt to use Chapter 11 to stop a foreclosure against another Talbott-controlled property was previously dismissed from bankruptcy court.
In Jan. 2009 it was reported that one of seven foreclosure lawsuits targeting property controlled by Boca Raton developer Gregory K. Talbott could be resolved with the sale of the building to Talbott’s own lawyer. In a Jan. 26 filing to its Chapter 11 case in bankruptcy court in West Palm Beach, 770 PPR made a motion to sell its 6,798-square-foot building in Boca Raton for $3.5 million. That would resolve the $2.4 million foreclosure judgment Stuart-based Seacoast National Bank won against 770 PPR and Talbott. The proposed buyer is Boca Raton-based law firm Sweetapple & Varkas, P.A. That firm is led by Robert Sweetapple, the lawyer who represented 770 PPR and Talbott in the foreclosure case brought against them by Seacoast.
According to the contract, the purchase of the former restaurant, at 770 Palmetto Park Road, is subject to a $315,000 deposit, $2.8 million in financing and court approval. Talbott also controls 140 Associates, which is in Chapter 11, and owns the Boca Raton building where Talbott Realty is based. With a $4 million foreclosure judgment against that company, Seacoast filed a motion to dismiss the case from bankruptcy court.
The owner of the recently completed Congress Corporate Center in Boca Raton is facing foreclosure on that property, along with two of his hotels. Broadway Bank filed the foreclosure action against Shubh Boca Condominium and Atul Bisaria based on a $10.2 million mortgage issued in 2007. The 66,371-square-foot office is at 903 N.W. 65th St., in the Arvida Park of Commerce. Online advertising says it is available for lease at $19.50 a square foot or for purchase at $199 a square foot. In May, now-defunct Mutual Bank filed a foreclosure lawsuit against Bisaria and his Shubh Hotels Boca over the 183-unit Guest Suites of Boca Raton (formerly a/k/a Double Tree hotel). The developer bought the hotel, at 701 N.W. 53rd St., for $7 million in 2002 and took out a $28.9 million mortgage six years later for renovations.
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Boca Village Corporate Centre - Yamato Rd. & Congress Ave. (Sept. 2009)
Even Ned L. Siegel and Malcolm Butters, both veteran commercial developers, haven’t escaped the recession without encountering foreclosure litigation. Key Bank named the developers in its foreclosure lawsuit against the undeveloped portion of their Boca Village Corporate Centre. It concerns a $3.1 million mortgage on a 4.4-acre parcel near Yamato Road and Congress Avenue that is zoned for 107,000 square feet of office space. CB Richard Ellis listed the site for sale for $6.8 million
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Beason Square Office Condo Complex near I-95 & Congress Ave. exit (Aug. 2009)
The developer of the Beacon Square Professional Campus office condo park in Boca Raton could lose the 43 unsold units there to a foreclosure by Wachovia Bank. A subsidiary of Wells Fargo Bank, Wachovia filed the foreclosure action on Aug. 4 against Weston-based Beacon Square Professional Campus LLC and managing members David Ortiz and Harry M. Rosen, according to Palm Beach County Circuit Court records. It is based on a mortgage issued in 2004 for $16 million and last modified in June 2008 at $13.3 million. The campus – at 7777 and 7781 Beacon Square Blvd., just south of the Congress Avenue interchange at Interstate 95 – features seven buildings encompassing 156 office condo units on 34.7 acres. Only one of the buildings appears empty. It has zoning approval for two more buildings. From 2006 through July 9, Beacon Square made 14 sales for $13.8 million. That includes $5.7 million in sales that were made since the developer’s loan was modified at $13.3 million.
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Yamato Crossings faces foreclosure (June 2009)
The owner of the Yamato Crossings shopping center in Boca Raton became the latest retail developer in South Florida to get hit with a foreclosure lawsuit. Fifth Third Bank filed the action against Yamato Crossing Associates and Boca Raton-based Talbott Realty, which has been hit with foreclosure lawsuits on several other commercial properties managed by its president, Gregory K. Talbott. The complaint is based on a mortgage last modified at $9.4 million in 2007. It covers the nearly 30,000-square-foot Yamato Crossings, at 202 Yamato Road, between Interstate 95 and U.S. 1. Tenants include a CVS pharmacy, Panera Bread and Regions Bank.
The city council has recently approved the construction of a bank on this site and in early 2009 the city also approved a rezoning of the site to allow for more fast food restaurants. This now appears to be an effort by the property owner to be bailed-out of an over-leveraged development. Adjacent residents in Boca Pinar opposed the rezoning as they had been promised by the city to maintain a buffer between their residential development and this retail center. Will the city now consider restoring the old zoning in order to protect the residents?
--------
Piccadilly Square shopping center in Boca Raton are facing foreclosure (May 2009)
Miami-based FirstBank Florida filed the foreclosure action on May 26 against Fort Lauderdale-based Serinev Corp., Expression Enterprises and several lenders with additional mortgages on the property, according to Palm Beach County Circuit Court records. Built in 1970, Piccadilly Square has 44,935 square feet between two buildings at 8221 Glades Road in Boca Raton. The 4.5-acre site is just west of Florida’s Turnpike. Tenants include Dunkin’ Donuts, Allstate and International Jewelers Exchange.
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199 W. Palmetto Park Rd. Office Building (April 2009)
A Boca Raton office building is the target of a foreclosure lawsuit by the families that sold the building and provided financing to its new owners. The litigation involves a 10,211-square-foot office building at 199 W. Palmetto Park Road, near Northwest Boca Raton Boulevard. Boca Raton residents Herbert L. Wachtel, Lenore Wachtel, Joel Granet, Janette Granet, Gladys Granet and Arnold Granet owned it. They sold to office for $4.4 million to Boca Raton-based SRAM Palmetto in 2005 and provided the new owner with a $5 million mortgage. On March 25, the Wachtel and Granet families filed a foreclosure lawsuit against SRAM Palmetto and Dorchester Realty, according to Palm Beach County Circuit Court records. West Palm Beach attorney Gregory D. Cook, who represents the Wachtels and Granets in their lawsuit, did not immediately return a call seeking comment.
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Another Arvida Park of Commerce (a/k/a APOC) in Foreclosure (April 2009)
Boca Raton-based Cambridge Assets II owns the 137,066-square-foot facility, at 750 Park of Commerce Drive. The building is on 9.5 acres inside the Arvida Park of Commerce. After buying the building for $20 million in 2005, Cambridge Assets II obtained a $15 million mortgage from Artesia Mortgage Capital Corp., which later sold the loan on the commercial mortgage-backed securities (CMBS) market. According to a December report on CMBS quality by Horsham, Pa.-based Realpoint, Cambridge Assets II was 60 days past due on the $14.3 million remaining on its mortgage.
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770 E. Palmetto Park Rd.-Former Le Vielle Maison restaurant (March 2009)
A bankruptcy court judge has denied a company owned by Boca Raton developer Gregory K. Talbott relief from its mortgage holder, paving the way for the lender to continue with its foreclosure in county court. The 6,798-square-foot building at 770 Palmetto Park Road in Boca Raton, which once housed La Vieille Maison, a restaurant is subject to the foreclosure. Boca Raton attorney Joey M. Grant, who represents 770 PPR, said his client has not decided whether to appeal the judgment. Stuart-based Seacoast National Bank won a $2.4 million judgment against 770 PPR, but its public auction to sell the property was delayed by the Chapter 11 filing. The bank subsequently sold the judgment to New York-based TJCV Land Trust, which successfully argued that 770 PPR is a single-asset debtor that is not eligible for Chapter 11 protection. It is one of six South Florida properties owned by Talbott or one of his companies facing a foreclosure action. A separate attempt to use Chapter 11 to stop a foreclosure against another Talbott-controlled property was previously dismissed from bankruptcy court.
In Jan. 2009 it was reported that one of seven foreclosure lawsuits targeting property controlled by Boca Raton developer Gregory K. Talbott could be resolved with the sale of the building to Talbott’s own lawyer. In a Jan. 26 filing to its Chapter 11 case in bankruptcy court in West Palm Beach, 770 PPR made a motion to sell its 6,798-square-foot building in Boca Raton for $3.5 million. That would resolve the $2.4 million foreclosure judgment Stuart-based Seacoast National Bank won against 770 PPR and Talbott. The proposed buyer is Boca Raton-based law firm Sweetapple & Varkas, P.A. That firm is led by Robert Sweetapple, the lawyer who represented 770 PPR and Talbott in the foreclosure case brought against them by Seacoast.
According to the contract, the purchase of the former restaurant, at 770 Palmetto Park Road, is subject to a $315,000 deposit, $2.8 million in financing and court approval. Talbott also controls 140 Associates, which is in Chapter 11, and owns the Boca Raton building where Talbott Realty is based. With a $4 million foreclosure judgment against that company, Seacoast filed a motion to dismiss the case from bankruptcy court.
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