The Real Deal Miami

Another Principal Life building in foreclosure

April 25, 2010 09:50PM

The representative of a commercial mortgage-backed security originated by Wachovia Bank Commercial
Mortgage Trust has filed a foreclosure suit against 6810 Lyons
Technology Park, according to  records in Broward County Circuit Court.
The Coconut Creek building’s owner is part of Principal Financial
Group, based in Iowa. The loan at issue had $5.7 million outstanding
last month, in addition to being past due by more than 90 days, a
report from analytics firm Trepp says. There was a CMBS foreclosure on
6855 Lyons Technology Circle, owned by Principal Life Insurance, in
March regarding a $3.3 million mortgage. Special servicer for the loan
is Miami Beach-based LNR. [SFBJ]