Boca office building allegedly defaults on $23.1M mortgage

But the borrower claims that he is not delinquent

TRD MIAMI /
Sep.September 09, 2014 03:00 PM

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,

“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


Related Articles

arrow_forward_ios
Thomas F. Marano and 1281 Spanish River Road (Credit: Ditech, Redfin)

Former mortgage exec buys waterfront Boca Raton home

Four Seasons Hotel Miami at 1435 Brickell Avenue (Credit: Averette/Wikipedia)

Four Seasons Hotel Miami, DoubleTree near MIA lay off hundreds

A rendering of Manley Storage Ventures facility at 7171 North Federal Highway

New self-storage, retail facility coming to Boca Raton

From left: Howard Sands, Scott Tracy, and Kenton Wright

Walgreen sells store near Boca Raton for $9M

Shane Neman, and Mauricio Bello Richard Waserstein, with 525 Northwest 77th Street Marriott in Boca

Blackstone sells Marriott hotel in Boca Raton

Malcolm Butters, 950 Peninsula Corporate Circle in Boca Raton

Butters buys Boca Raton office building

A rending of the the project

REI to open first South Florida store in Boca Raton

Royal Palm Residences and Ignacio Diaz

Group P6 launches sales of new luxury condo project in Boca Raton

arrow_forward_ios
Loading...