Boynton’s Promenade in friendly foreclosure

Boynton Beach’s Promenade condominium project is in a so-called friendly foreclosure initiated by Irish Bank Resolution, which holds the mortgage on the project, the South Florida Business Journal reported. The development, which is at 430 North Federal Highway in Boynton Beach, has sold 72 units since 2010 for just over $20.4 million all together. According to Boynton Waterways Investment Association, which owns the project’s remaining units, the complex will remain “fully-funded” as the debt is restructured. Sales are expected to relaunch soon, the company said. Underwriters froze sales at the two-tower Promenade in February. [SFBJ]