Sunrise shopping center slipped into foreclosure
A Sunrise shopping center will be pushed through the foreclosure pipeline by a securitized lender.
WBCMT 2006-C24 Retail at 7738 LLC represents a CMBS (commercial mortgage-backed securities) trust with Miami Beach-based LNR Partners as the special servicer. The entity filed a foreclosure lawsuit last year just beforeChristmas against Infinity Lincoln Park, a Bay Harbor Island-based company, led by Ignal Goldfarb.
The foreclosure documents underscore once again how the housing bubble inflated real estate prices. Infinity Lincoln Park purchased the shopping center located at 7752 N.W. 44th Street with 149,280 square-feet of leasable space for $21.5 million six years ago at the height of the housing bubble. Infinity obtained a $16.4 million mortgage at the time, and according to Trepp LLC, a CMBS analysis firm, the loan has $14.9 million outstanding and it is part due.
Now, according to Trepp, the building once purchased for $21.5 million, has been appraised to only $3.8 million recently. It is 50% occupied.
The largest tenants are Superior Meat & Fish Market and Family Bakeries of Florida with 6,945 square-feet and 5,344 square-feet, respectively.