The Real Deal Miami

Stoltz-managed Boca Raton office plaza refinanced

City National Bank Plaza will add $2M worth of capital improvements
By Katherine Kallergis | June 03, 2015 12:00PM

7000 West Palmetto Park Road in Boca Raton

7000 West Palmetto Park Road in Boca Raton, now City National Bank Plaza

Ownership of a Stoltz-managed office building in Boca Raton was transferred for $23 million and refinanced, months after the owner defaulted on its mortgage, Palm Beach County records show.

Arbern Investors III owns the 132,598-square-foot building at 7000 Palmetto Park Road. Arbern, managed by Morris “Skip” Stoltz, obtained a $27 million mortgage from commercial lender C-III Commercial Mortgage, a subsidiary of C-III Capital Partners, according to county records.

City National Bank Plaza sits on 7.3 acres and was built in 1986. The six-story building includes a 9,928-square-foot restaurant, according to Palm Beach County property records. Arbern paid $15.4 million for the property in 1987, records show, and was hit with a foreclosure lawsuit in 2011.

In September, a commercial mortgage-backed securities loan for the site was moved into special servicing, the South Florida Business Journal reported at the time. Stoltz told the newspaper he wanted to prepay the mortgage and refinance the building to fund tenant improvements.

“Arbern Investor III has owned the building for 30 years and will continue to own it,” Stoltz said via email. “As a result of this refinancing or $2 million in capital and tenant improvements are being made to the building.”

Stoltz is president of Stoltz Companies, a Boca Raton-based real estate developer, management company, builder and brokerage.

An earlier version of this story incorrectly stated that the building sold for $23 million.