BofA to foreclose on for-profit prep school

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Bank of America has filed a foreclosure lawsuit against the for-profit Baldwin Preparatory School in North Palm Beach. The eight-year-old, 75-seat school bought its 18,424-square-foot facility at 200 Castlewood Drive for $2.15 million in 2008, taking out a $1.2 million mortgage to help with the purchase. The Florida Business Development Corp., which is also named in the lawsuit, holds an $836,828 mortgage on the building as well. [SFBJ]