Regions Financial Tower in West Palm Beach’s mortgage was refinanced at the end of 2014.
Weston-based Florida Community Bank provided a $14 million mortgage to Tower 1555, the owner of the 15-story office building at 1555 Palm Beach Lakes Blvd.
The property’s previous mortgage of $13.53 million was due Feb. 15, according to the South Florida Business Journal. It was current on payments, but the commercial mortgage-backed securities firm that held the loan placed it into special servicing because it was concerned that it wouldn’t be repaid in time, according to Trepp LLC. The building is 67 percent occupied.
Regions Financial Tower has 314,441 square feet, with 174,367 square feet leasable. It was last purchased for $12.88 million in 2005.
Tower 1555 LLC is managed by E. Llwyd Ecclestone III – the son of PGA National’s developer – John Ecclestone, Lisa Erdmann, Nannette Gammon, Wendy Mendelsohn, and Helena Leyendecker. [South Florida Business Journal] — Ina Cordle