A West Palm Beach office building is at the center of nearly $10 million foreclosure lawsuit filed by Wells Fargo Bank, the South Florida Business Journal reported.
The bank sued Belvedere Investment Associates because the 110,795-square-foot office building at 1601 Belvedere Road has an outstanding mortgage debt of $9.9 million.
The loan matured in December and the mortgage has been delinquent since March, the publication said. William A. Meyer manages the borrower, but was not named in the suit. The bank represents a commercial mortgage-backed securities (CMBS) trust.
The building was bought in 2003, the same year it was renovated. Since 2005 – when the loan originated – the property’s appraisal dropped from $15.5 million to $6.8 million. It earned $1.37 million in revenue over the first nine months of 2012 and its operating expenses were $716,408, according to Trepp LLC data seen by the Journal.
Space is available for lease online at $13 to $15 per square foot. The property consists of 102,769 square feet in two office buildings, both of which are five stories. [South Florida Business Journal] –Mark Maurer