The Real Deal Miami

Promenade developer gets modification on defaulted $80 million loan

November 22, 2010 03:42PM

Mixed-use development Promenade at Coconut Creek may avoid foreclosure, after the developer secured a modification on the property’s mortgage, which was declared in default over a year ago. The complex, which includes 200,000 square feet of retail space, along with 50,000 square feet of office space, worked out the deal on its $80.1 million mortgage on Sept. 30, but the modification only became public this month. The loan was originally set to mature in October 2009, but later pushed that date to October 2010. It was not immediately clear whether the modification involved a new maturity date. The shopping section of the Promenade includes popular chain stores including Banana Republic, DSW shoe warehouse and Chico’s. [SFBJ]