The Real Deal Miami

Catalfumo gets loan mod at Ocean Mall

April 06, 2011 04:52PM

Developer Daniel Catalfumo has paid down the principal on his Ocean Mall project on Singer Island and wrangled an extension from his lender. Catalfumo is leasing the parcel below the 60,000-square-foot, beachfront project from the city of Riviera Beach, and had a $21.2 million mortgage from Branch Banking & Trust for renovations at the property that was set to mature last month. The modification was filed March 25, with Catalfumo’s OMRD LLC having paid down the loan to $11.6 million. It is now set to mature in September 2014. Meanwhile, Catalfumo is still struggling to hold onto projects elsewhere in the region. He’s been sued for default on some $121 million worth of soured loans and in February lost a $32.6 million foreclosure judgment at a stalled project in Palm Beach Gardens. [SFBJ]