The Real Deal Miami

LNR files for foreclosure at Related’s CityPlace

September 02, 2011 01:20PM

A company controlled by Miami Dolphins owner and Related Companies chairman Stephen Ross may lose the CityPlace mixed-use center in West Palm Beach to a foreclosure lawsuit, the South Florida Business Journal reported.

An entity representing a commercial mortgage-backed securities fund managed by Miami Beach-based LNR Partners, filed suit yesterday against CityPlace Retail LLC, which owns the 756,471-square-foot property at 460 South Rosemary Avenue, and of which Related is the main shareholder.

Trepp reported in July that the lender had begun positioning CityPlace for foreclosure. Data sent to Trepp from LNR Partners, the special servicer of the $150 million mortgage, indicates that payments stopped in April, the Journal reported. [SFBJ]