Great property lost through mortgage foreclosure… this should not have happened
I just read an interesting article about the Executive Airport Business Center that was sold through a mortgage foreclosure. It was bought for more than the former mortgage price and at the time it went into mortgage foreclosure, it was 91% leased.
This should not have happened. If the original owner had reached out to us and used our services, the original owner may not have lost the building at all – especially being 91% occupied. Most business owners fail in their attempts to save their businesses or investments. This is where we come into play. The smart business owners seek help from experienced people who know the ins and outs of foreclosures. The ones that do not seek out help usually fail in their attempt to keep their investments.
The repossessed Executive Airport Business Center in Fort Lauderdale has been sold for more than its former mortgage. A commercial mortgage-backed securities (CMBS) seized the two office buildings totaling 73,216 square feet at 5101 N.W. 21st Ave. in 2014 after foreclosing on the $4.39 million mortgage of Airport Executive Center Partners. It recently sold the property for $4.6 million to TPCH Broward, a joint venture between Chicago-based investment firms Triton Capital and CP Highlands Fund.
CBRE’s Dominic Montazemi, Scott, O’Donnell, Miguel Alcivar, Peter Stevens, Jason Hochman and Jarred Goodstein represented the seller.
BANKING & FINANCIAL SERVICES
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COMMERCIAL REAL ESTATE
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“This trade represented one of the few lender dispositions remaining in the market,” Montazemi said. “TPHC Broward LLC appreciated that rents are more than $6 per square foot below the last peak levels, thereby providing upside as the leasing environment improves.”
Executive Airport Business Center was built in 1987 on 6.1 acres leased from the city near Fort Lauderdale Executive Airport. It was about 91 percent leased.
Triton Capital President John Bucheleres said he’s raised additional capital for acquisitions in South Florida.
If you are in default on a commercial loan or are contemplating filing chapter 11 bankruptcy, call Jack Miller today at 215-947-2974 x 237 or email at JackMiller@GFCIB.com. There is hope.