The Real Deal Miami

BBX sells Palm Beach office building for $6.8M

Foreclosed mortgage was $20.5M
January 08, 2015 01:30PM

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