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
The Principal Richard Caster, Monica Mayotte and Andrea O’Rourke of Boca Raton City Council, and 2600 North Ocean Boulevard, Boca Raton (Credit: Azure Development)

Appeals court orders another vote on proposed Boca Raton beach duplex

Appeals court orders another vote on proposed Boca Raton beach duplex
Andrew Richardson and 1298 Cocoanut Road (Realtor)

Real estate exec sells Boca Raton home for $5M

Real estate exec sells Boca Raton home for $5M
261 Alexander Palm Rd, Boca Raton (Credit: Google Maps)

Boca Raton mansion sells for $9M

Boca Raton mansion sells for $9M
1889 Sabal Palm Drive and Dr. Lawrence “Scott” and Donna Ennis

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M

Nip and tuck: Plastic surgeon buys Boca Raton mansion for $6M
Sal Calvino and 2989 Spanish River Road (Linkedin, Realtor)

Soaring: Aviation exec buys waterfront Boca Raton mansion

Soaring: Aviation exec buys waterfront Boca Raton mansion
Prentis Wilson and 1880 Sabal Palm Circle (Realtor)

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion

Proceed to checkout: Former Amazon exec pays $5M for Boca Raton mansion
310 East Alexander Palm Road (Realtor.com)

Cumberland Farms scion buys waterfront Boca Raton home

Cumberland Farms scion buys waterfront Boca Raton home
Stephen Siegel of Fairstead, 21000 Ruth and Baron Coleman Boulevard in Boca Raton (Credit: Google Maps)

Jewish Federation sells Boca Raton senior living facility for $34M

Jewish Federation sells Boca Raton senior living facility for $34M
arrow_forward_ios

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

Loading...