Related could face foreclosure at massive Florida complex

From the South Florida website: A foreclosure action is being prepared against CityPlace, a 756,471-square-foot mixed-use center in West Palm Beach owned by New York-based developer the Related Companies, according to a report by Trepp. Data sent to Trepp from LNR Partners, the special servicer of the $150 million mortgage, indicates that payments stopped in April, the South Florida Business Journal reported.

LNR may have CityPlace on a dual track for foreclosure and modification, Trepp analyst Spencer Hollerith said, meaning that it’s preparing to foreclose on the property while still continuing its discussions with CityPlace.

“I can’t say that foreclosure is imminent,” he said. [more]