IProcPalmBeach, owner of the Marriott Palm Beach Gardens, has paid down the property’s mortgage by $33 million, or 66 percent, in order to secure a loan modification, the South Florida Business Journal reported.
The owner’s $50 million mortgage on the hotel, issued in 2007, has been delinquent for over 18 months, according to data from Trepp. The property’s income in 2009 covered just more than half of its loan payment.
IProcPalmBeach, an affiliate of New York-based Investcorp International, got the loan modified on July 21, but at a price. The principal balance on the hotel, at 4000 RCA Boulevard, was reduced to $17 million. [SFBJ]