Boca’s BofA building hit with foreclosure

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Boca Raton’s Bank of America Building has been hit with a foreclosure lawsuit by the commercial mortgage-backed securities fund that holds $24.3 million in outstanding debt on the building. According to the developer, Arbern Investors III, a loan modification has already been signed with special servicer LNR Properties concerning the 132,598-square-foot building at 7000 W. Palmetto Park Road. “I’m sure it’s a mistake,” said Skip Stoltz, president of the locally-based Stoltz Cos., which manages the property. “This thing has been worked out for weeks.” Stoltz’s attorney, Ken Scherer, said his client “has been in negotiations with the lender and has been making payments to the lender” and does not know “how or why a foreclosure was filed.” The suit was filed April 12, and according to analytics firm Trepp, loan payments have been overdue since August. [SFBJ]