The Real Deal Miami

Plantation office landlord in $8.16 million foreclosure

U.S, Bank claimed default on a 10-year mortgage loan secured by Atrium Executive Plaza
November 22, 2015 02:00PM

U.S. Bank sued the owner of the Atrium Executive Plaza in Plantation and a daycare center.

The lender sued the owner of Atrium Executive Plaza and a daycare center.

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U.S. Bank filed a foreclosure suit against the corporate owner of an 86,733-square-foot office building in Plantation.

U.S. Bank filed a complaint listing an $8.16 million balance on a 10-year mortgage loan secured by the Atrium Executive Plaza building at 499 Northwest 70 Avenue.

The bank, which filed suit on behalf of a commercial mortgage-backed securities trust, claims the borrower missed a payment due in March and that the 10-year loan matured in April.

The South Florida Business Journal also reported that collateral for the loan includes a daycare center at 7025 Northwest 4 Street as well as the office building.

The borrower and property owner is Atrium Executive Plaza, LLC. None of company’s managers is named as a defendant in the foreclosure suit.

The office building’s occupancy rate was as low as 44 percent about a year ago, but the owner recently signed a lease for 14,547 square feet, according  Trepp LLC, a firm that analyzes commercial mortgage-backed securities.

Trepp also reported that the owner is attracting bids to buy the office building and hoping to use proceeds from a sale to repay the defaulted loan.

Miami attorney Erin L. Ward, who is representing U.S. Bank, was unavailable for comment. [South Florida Business Journal] — Mike Seemuth