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Stirling Town Center faces $12M foreclosure

March 23, 2012 04:30PM

Stirling Town Center

The Stirling Town Center in Cooper City is facing foreclosure, the South Florida Business Journal reported. Landlord Prince of Cooper City, managed by David Teper and Moses Freid, purchased the 56,968-square-foot shopping complex for $14.1 million two years ago with a $13.1 million mortgage. But no payments have been made on the mortgage since mid-2011 and the it still has an outstanding balance of $12.3 million, even as the property was recently appraised at $10.3 million. The CMBS trust that owns the mortgage and special servicer LNR properties filed to foreclose.

The shopping center, at 8861 Sterling Road, is 84 percent leased to tenants such as kosher grocer Aroma Market, coffe chain Starbucks, and Cold Stone creamery. However, in 2011 the center’s operating income of $640,390 was not enough to cover debt payments. [SFBJ]