The Real Deal Miami

Palm Beach developer faces another foreclosure with Singer Island’s Ocean Mall

May 24, 2012 03:00PM

Ocean Mall under construction

A foreclosure lawsuit over the 63,650-square-foot Ocean Mall on Singer Island is the latest legal action taken against Palm Beach Gardens-based OMRD and Catalfumo Construction and Development, the South Florida Business Journal reported. CEO Daniel Catalfumo is also facing the loss of the PGA Design Center and $121 million worth of loan guarantees sought by lenders. GSF Trust filed the foreclosure last week on the mall, which is located at 2401 North Ocean Drive, after purchasing the $11.6 million loan last September from Branch Banking and Trust.The mall was originally scheduled for renovation, but construction and tenant dissatisfaction left the retail space 70 percent unoccupied. Earlier this year, Steakhouse USA/Portofino Italian Grill won a $1 million lawsuit against OMRD after being forced out of the mall. GSF Trust’s parent company, Garrison Investment Group, garnished April’s rent from the mall, totaling approximately $50,000, an action Catalfumo is now challenging in court. [SFBJ]