Foreclosure surprises Pugliese

Branch Banking & Trust filed a lawsuit Oct. 4 against Coconut Creek
Johnson Road, a storage facility built by Anthony Pugliese of the
Pugliese Company. While he is not named in the complaint, he did sign
the $14.2 million mortgage two years ago as managing member of the
developer. The property, which is 71,880 square feet and
located at 5431 Johnson Road, went into default because Coconut Creek
Johnson Road owes $44,000 in property taxes for 2009. Pugliese said he didn’t
understand why the bank did not let him use the $1.8 million interest
reserve or the $600,000 reserved for tenant improvements to fund the taxes. [SFBJ]