The Real Deal Miami

Settlement for troubled CocoWalk

June 04, 2010 09:45AM

The mall was in a $97.6 million foreclosure in December

PMAT CocoWalk, the New Orleans-based company that owns the
200,000-square-foot mall in downtown Coconut Grove, has agreed to a
settlement with Bank of America, which represents the CMBS fund that
filed the $97.6 million foreclosure action against the complex in
December. The deal includes the appointment of a receiver and a
judgment that would put the property up for auction. A new Paragon
will open this week after an eight-month renovation of the
former AMC theater. There are certain conditions, however, that, if
met, could allow the developer to avoid foreclosure. [SFBJ]