Ft. Lauderdale office tower owner faces foreclosure

Miami /
Nov.November 11, 2013 11:15 AM

The owner of a downtown Fort Lauderdale office tower has been hit with a foreclosure lawsuit.

A foreclosure action was filed on Oct. 31 against a company managed by Boston-based Cabot Investment Properties, South Florida Business Journal reported. U.S. Bank, which represents a commercial mortgage-backed securities lender, seeks to foreclose on a nearly $39 million loan secured by the 24-story Corporate Center. The bank is intervening in a 2012 lawsuit filed by South Florida Construction Associates over an unpaid contractor lien.

Corporate center, a nearly 369,000-square-foot office building at 110 East Broward Boulevard, was constructed in 1982 and renovated 17 years later. Tenants include Branch Banking & Trust, the Greater Fort Lauderdale Alliance and Silversea Cruises.

The Cabot company has not made a loan payment since January 2012. Cabot has had multiple Broward County office properties seized by lenders through foreclosure. [South Florida Business Journal] — Eric Kalis


Related Articles

arrow_forward_ios
Pacaso CEO Austin Allison and one of their Miami listings (Pacaso)
Second-home startup Pacaso expands into South Florida
Second-home startup Pacaso expands into South Florida
The assemblage in Flagler Village 
Flagler Village Opportunity Zone dev site hits market for $31M
Flagler Village Opportunity Zone dev site hits market for $31M
Castro Properties President Terri Keogh and one of the Wawa's (Castro, SRS Real Estate Partners)
Fill ’er up: Two South Florida Wawa gas station convenience stores sell for a combined $22M
Fill ’er up: Two South Florida Wawa gas station convenience stores sell for a combined $22M
Related Group's Jon Paul Perez and Jorge Perez with the New River Yacht Club apartments (Related)
Related Group sells downtown Fort Lauderdale apartments for $85M
Related Group sells downtown Fort Lauderdale apartments for $85M
Grand Hotel Fort Lauderdale and Sheridan Capital's Aaron Kurlansky (Facebook via Fort Lauderdale Grand Hotel)
Fort Lauderdale hotel resolves foreclosure suit with $11M refi
Fort Lauderdale hotel resolves foreclosure suit with $11M refi
Aimco CEO Wes Powell and Laurent Morali, Charlie Kushner and Nicole Kushner Meyer of Kusher (LinkedIn via Powell, Kushner, Luarent Morali)
Aimco partners on Kushner’s $700M project, scores two big loans in South Florida
Aimco partners on Kushner’s $700M project, scores two big loans in South Florida
Conrad Fort Lauderdale Beach developer on the hook for nearly $3M after losing lawsuit
Conrad Fort Lauderdale Beach developer on the hook for nearly $3M after losing lawsuit
Conrad Fort Lauderdale Beach developer on the hook for nearly $3M after losing lawsuit
Hélio Castroneves with the house (Getty, Compass via Coast Properties of S. Florida)
Hélio Castroneves parts with waterfront Fort Lauderdale home for $7M
Hélio Castroneves parts with waterfront Fort Lauderdale home for $7M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...