Boca Office Building Trades, Just Months After Owner Defaults On Mortgage

Jun 03, 2015 No Comments by

7000 w palmetto park roadA Stoltz-managed office building in Boca Raton sold for $23 million, months after the owner defaulted on its mortgage, Palm Beach County records show.

Arbern Investors III, an LLC managed by Morris Stoltz, sold the 132,598-square-foot building at 7000 Palmetto Park Road to Palmetto I LLC. The buyer 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.

The address listed for the buyer matches that of Stoltz Companies, a Boca Raton-based real estate developer, management company, builder and brokerage.

 

Source: The Real Deal

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