Boca office building allegedly defaults on $23.1M mortgage

7000 West Palmetto Park Road
7000 West Palmetto Park Road

A Boca Raton office building’s $23.1 million mortgage has been moved into special servicing after the borrower allegedly defaulted.

Miami Beach-based LNR Partners is the special servicer for the commercial mortgage-backed securities trust that holds the loan. The borrower is Arbern Investors III, which is managed by Skip Stoltz, according to the South Florida Business Journal.

However, Stoltz claims that he wants to prepay the mortgage and refinance the building to fund capital improvements, but that the regular master servicer of the loan wouldn’t speak with him. Stoltz says that he requested that the loan be moved to special servicing to negotiate prepayment and that it is not delinquent,

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“We want to pay everything,” Stoltz told the Business Journal. “It’ll be worked out.”

The 132,598-square-foot building is located at 7000 West Palmetto Park Road and is named for City National Bank of Florida. [South Florida Business Journal]Christopher Cameron