The repossessed Mizner Place office park in West Palm Beach was sold at a 37 percent discount to its foreclosed mortgage.
U.S. Bank, representing a commercial mortgage-backed securities (CMBS) trust, seized the four one-story office buildings at 5601 Corporate Way in 2015 after foreclosing on Foundation IV LLC’s $4.98 million mortgage. CMBS analysis firm Trepp LLC reported that its occupancy had dipped to 58 percent shortly before the foreclosure.
The lender recently sold the 53,760 square feet… …read more
From:: biz journal foreclosures