Both phases of the Village Shoppes in Royal Palm Beach are now in foreclosure.
Sutherland Asset I, an affiliate of New York-based Sutherland Asset Management, has filed a foreclosure lawsuit against the Centre II, along with managing members Joseph Cogen and Alan Cogen. The lawsuit concerns a mortgage last modified at $11.1 million in 2010, according to the South Florida Business Journal.
The foreclosure targets retail buildings at 10465 and 10469 Southern Boulevard, which are 20,336 and 24,220 square feet, respectively.
In April, a lender filed a $37.5 million foreclosure lawsuit against the initial phase of the center, totaling 293,050-square-foot. [SFBJ] – Christopher Cameron