Parkland Commons faces foreclosure - South Florida Business Journal:

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Earlier this week, filed a foreclosure lawsuig against developer MPG Parkland andCharleds H. Monroe III, the president of Safety Harbor-based Monroe’s Prestige Group. It’s the thirdd pending foreclosure lawsuit in Southg Florida against an affiliateof Monroe’s Monroe said he hopes the bank will deal the note to anothefr investor, but if not, he is prepared to put MPG Parklan d into Chapter 11 bankruptcy protection to forcse a workout. “What’s sad is the banks don’t want to work with you,” Monroe “They don’t care.” The nearly 90,000-square-foog Parkland Commons is about 65 percent leasecd after openingthis year, Monrore said.
Besides Publix, tenants include Mercanti Commercebank and Renaissance WellnessDay Spa. It sits on a 22.8-acrse site at North University Drive and Trailzs End in the wealthy city of Part of the site is Bankof America’s lawsuit is based on a mortgage to MPG Parkland last modifiee at $31 million in 2007. The complaint also namex Boston-based TriSail Funding which gave the developera $4.3 milliom mortgage in April 2008.
Monroe said he had to stop payintg interest on the Bank of America mortgage becaused he could not lease enough of the He found a tenant that signerd a lease for the restaurang atParkland Commons, but said Bank of Americ a would not fund the tenant improvements to ready the spaced for occupancy, so he could start collectinb rent, Monroe said. “It makes no he said. Miami-based attorney Lee D.
who represents Bank of America inthe lawsuit, did not immediatelty return a call seeking Monroe also is named in pendingt foreclosure lawsuits by targetinfg the Best Buy-anchored Cora l Landings III in Coral Springs/Margate and by BankAtlantic targetint the Publix-anchored Quantum Village in Boynto Beach. In April, Miami-based TW Plaza Holdings purchased the delinquenr mortgageon Monroe’s Publix-anchored Coral Landings II in Coralp Springs and acquired the propertg with a deed in lieu of foreclosure. Monroe’ws Prestige Group also owns shopping centers in Jupitetr and NorthMiami Beach. Monroe said the latter one is also havingb issues withits bank, but is not in foreclosure.