Real estate investor James Batmasian of Boca Raton bought an office complex in Deerfield Beach at a 19.5 percent discount to its foreclosed mortgage, the South Florida Business Journal reported.
A commercial mortgage-backed securities (CMBS) trust seized the six buildings on Fairway Drive in October after foreclosing on HEC Investment’s $10.8 million mortgage. The property, built in 1984, totals 180,868 square feet at Hillsboro Executive Center North, flanked by the Deerfield County Club.
Batmasian’s Tivoli Fairway Investments paid $8.69 million in an all-cash deal for the six buildings, the Journal reported.
HEC Investment bought the property for $13.6 million in 2003.