The Real Deal Miami

Delray Beach office complex in foreclosure

January 20, 2011 04:20PM

The Linton Center office complex in Delray Beach has been hit with a foreclosure lawsuit over 111,009 square feet of space on which the owner, CF Delray Beach Office, has failed to pay off the mortgage. CF picked up the pace in 2006 as part of a $33.2 million seven-building transaction. The company took out a $20 million mortgage at the time, for which the maturity date was extended to May 2010. Two buildings have already been sold off for a combined $2.9 million, but the rest remain as part of the CF portfolio. Two are already in foreclosure and recently came on the market for $2 million. The other three, which are the subject of the latest suit by Amegy Bank, contain a total of 96,702 square feet of space at 1801 and 1845 S. Federal Highway. [SFBJ]