Boca Raton Office Building Hit With Foreclosure

The Courtyard office building in Boca Raton could be seized in foreclosure.
Branch Banking & Trust Co. filed a foreclosure lawsuit Dec. 8 against Coneca Properties, along with managing member Randall L. Wood. Miami attorney Todd M. Feldman, who represents BB&T in the lawsuit, says the mortgage has $5.03 million outstanding and has matured. He has not received a call from the borrower.
The foreclosure targets the 73,803-square-foot office building, located at 5301 N. Federal Highway. Built in 1983, it has an atrium with indoor fountains, ponds and tropical walkways.
Coneca Properties bought the building for $9 million in 1999 with a $7 million loan from Commercial Bank of Florida, which was later acquired by Colonial Bank. BB&T took the assets of Colonial Bank after it failed in 2009.
According to Florida CIE, an web-based commercial real estate database, the 30,141 available square footage in the Courtyard is offered for rent at $23.75 per square foot. The property is classified as a Class B property.
The Palm Beach County property appraiser valued the property at $7.5 million in 2011, so the mortgage may not be under water.
Coneca Properties has dealt with foreclosure lawsuits in Broward County before. It resolved a foreclosure lawsuit over its building in Coral Springs by selling the property, but lost one of its Pompano Beach offices to a foreclosure auction.
Source:  SFBJ

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