The owner of a commercial mortgage-backed securities (CMBS) fund has targeted apartment complexes in Lauderdale Lakes and Sunrise for foreclosure.
According to Broward County Circuit Court records, on March 3, U.S. Bank, as the trustee for a CMBS fund, filed a foreclosure lawsuit against SRH Whispering L.P. and SRH Boardwalk Apartments. The lawsuit concerns Whispering Palms in Lauderdale Lakes and Boardwalk At Inverrary in Sunrise. The borrower was 60 days late on a $43 million mortgage, according to a January report by CMBS analysis firm Trepp LLC.
Whispering Palms was bought in 2003 for $12.9 million and comprises 348,564 square feet. The 300,330-square-foot Boardwalk also was purchased in 2003 for $13.6 million.
JPMorgan Chase Commercial 2007-LDP10 is the CMBS fund that holds the troubled note. According to data from CMBS.com, the $5.3 billion fund has 13% of its loan balance in Florida. Its South Florida holdings include a $120.5 million mortgage covering Miami’s Southland Mall, which is on the CMBS fund’s watch list for potential problems.
No comments:
Post a Comment