“Borrower is requesting a loan modification. Negotiations are in process. Foreclosure is being prepared.”


You just can’t make this stuff up…

Maybe they didn’t send in all their paperwork…

Boca Raton’s Bank of America building in foreclosure

The Bank of America Building in western Boca Raton could be seized by a commercial mortgage-backed securities (CMBS) fund.

JPMCC 2005-CIBC13 West Palmetto Park Road, representing a CMBS fund with Miami Beach-based LNR Properties as the special servicer, filed a foreclosure lawsuit April 12 against Arbern Investors III. It targets the 132,598-square-foot office building at 7000 W. Palmetto Park Road.

The building, built on 7.3 acres in 1987, is managed by Skip Stoltz, president of Stoltz Cos. in Boca Raton. Stoltz was shocked to hear that a foreclosure has been filed. He said he already signed a deal with LNR to modify the loan.

“I’m sure it’s a mistake,” he said. “This thing has been worked out for weeks.”

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