search

The Real Deal Logo

Trending

HGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudTrump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loanRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boom
South Florida

Batmasian buys Deerfield offices at discount

Batmasian
Batmasian

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.

Sign Up for the undefined Newsletter

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.

Last year, Batmasian — convicted in 2008 for tax evasion — bought Boca Raton’s Plumtree Centre retail space from U.S. Bank for $3.1 million. [South Florida Business Journal] — Emily Schmall

Tags
Deerfield BeachJames Batmasian