U.S. Bank files $15 million foreclosure action on PBG office building

The office building at 4400 PGA Boulevard in Palm Beach Gardens is the target of a foreclosure action by U.S. Bank, the South Florida Business Journal reported. The foreclosure action involves a $15 million mortgage on the property, which has a common atrium with an Embassy Suites hotel, although the latter is not included in the action. “For this one you will look at the current income and start your basis of value and then dig into how much it will cost to re-tenant the building,” said Peter Reed of Commercial Florida Realty Services, who has previously represented tenants who leased in the building. [SFBJ]