The Real Deal Miami

JFK Medical Plaza owner hit with foreclosure suit

CMBS lender files action over mortgage secured by medical office building
March 10, 2014 12:00PM

JFK Medical Plaza

JFK Medical Plaza

A commercial mortgage-backed securities lender has filed a foreclosure lawsuit against the owner of a Lake Worth medical office building.

The property owner, 4801 Congress Avenue, was hit with the complaint from lender JPMCC 2006-LDP7 Office 4801 on March 3, South Florida Business Journal reported. Managing members S. Jay Siegel, Joan Siegel and Irene Kessler were also named in the suit. JPMCC gave the company a $5.5 million mortgage in 2008.

JFK Medical Plaza was purchased by 4801 Congress for $8.3 million six years ago. The 36,126-square-foot building was constructed on nearly three acres in 1984. It is located near JFK Medical Center.

The mortgage currently has an outstanding balance of about $5.2 million at a 6.22 percent interest rate, according to Trepp. The property was most recently appraised at $5.15 million. [South Florida Business Journal]Eric Kalis