The Real Deal Miami

Another Woolbright center in foreclosure

March 23, 2011 03:07PM

Woolbright Development is facing foreclosure at its 18-acre Glades Plaza complex in Boca Raton — the latest in a string of shopping center defaults for the company. Woolbright recently lost Albacoa Town Center in Jupiter and is also in foreclosure on its loans for the Riverwalk Plazai n Boynton beach and a gym and bowling alley in Boca Raton. At Glades Plaza, the foreclosure lawsuit, which was filed by PNC Bank this week, is for a $44.8 million mortgage that was last modified in 2008. Woolbright bought the complex for $51.8 million in 2005 and refinanced two years later in order to fund upgrades at the 189,158-square-foot property. Woolbright said it is working with its lender to resolve the situation. [SFBJ]