A Palm Beach Gardens office building was reportedly sold at a significant discount to its foreclosed mortgage.
BBX affiliate Heartwood 42 sold the 196,061-square-foot building for $6.8 million to Rushmore PGA, according to a published report. The building, located at 4290 Design Center Drive, was developed in 2007 by Daniel Catalfumo’s PGA Flyover Corporate Park, the South Florida Business Journal reported.
BBX Capital received a $30 million settlement from Catalfumo in the bankruptcy case, in addition to obtaining title to PGA Flyover Corporate Park. The lawsuit was based on a $20.5 million mortgage.
General Electric Capital Corp. provided a $7.7 million loan to the buyer. [South Florida Business Journal] — Katherine Kallergis