The Publix owned Whitworth Farms shopping center near Boynton Beach faces a foreclosure lawsuit.

Cadence Bank filed the foreclosure lawsuit just a couple days ago on February 14 against the owner, Boynton-Whitworth Farms, along with managing member J. Dudley Parker, Dennis C. Grass, Charles F. McReynolds and John F. McReynolds, targeting the retail center located at 12425 Hagen Ranch Road.

The 89,438 square-feet shopping center sits on 15.3 acres and it was completed nearly four years ago. The original financing was $32.6 million and came from Superior Bank. At the moment of purchase, when Boynton-Whitworth Farms paid $26.8 million for the land in 2009, the bank advanced the mortgage which had previously been paid down, by $3.2 million and refinanced it at $32.6 million.

After the original lender failed, Cadence Bank took over its loans. Now a recent online listing informs that 33% of space is still available for lease of the nearly 90,000.

Previously the hotel was a Holiday Inn, but after losing its flag is has been operating as the Lauderdale-by-the-Sea Resort and Beach Club.

After the banks decided it wants to recoup its money, it has to face the aching truth that it can sell it for only $4.5 million to North Pointe Investments, a Troy, Michigan-based company, managed by Remo Polselli.

The recent purchase was financed by Lion Financial’s $4.75 million mortgage, that matures on March 3, 2014.

According to information obtained by the South Florida Business Journal, Polselli is also among the guarantors of an $11.85 million mortgage on the $147-room Lauderdale Beachside Hotel, at 4660 El Mar Drive, which Comerica Bank hit with a foreclosure lawsuit last year in November.

The two lawsuits involve different amounts that triggered the process. In the largest case – as the South Florida Business Journal reports – Pointe Bank and TD Bank have jointly filed a foreclosure lawsuit against Enclave at Boynton Waters Corp., along with John B. Kennelly and Barbara Kennelly, who are the loan guarantors. The lawsuit was filed on February 7, and it concerns a mortgage last modified at $5 million four years ago by Carolina First bank, which later was acquired by TD Bank.

Since the modification was made the housing market collapsed, and the troubled developer could only sell one lot for $786,198 and a part of that amount went to pay back the mortgage. Another 78 lots are still unsold.

TD Bank filed a foreclosure lawsuit against the developer, Estates of Boynton Waters West Corp and the Kennellys, Martin Lenzer and Patricia D. Lenzer on February 6, which is the second foreclosure lawsuit concerning a smaller mortgage modified at $4.9 million in 2009.

The the loan was modified the borrower sold seven lots for a combined $4.07 million, but there are still 42 lots to be sold.

According to information obtained by the newspaper, the foreclosure sale was cancelled as an affiliate of Williamstown, Massachusetts-based PFC Projects bought the townhome project in a short sale.

Mercantil Commercebank, a Coral Gable-based lender has won a foreclosure judgment against Southern Homes of Palm Beach, and affiliate of SH Communities from Miami,ó in December over 72 unsold homes in the project. The principal amount of the mortgage was $9.8 million. When the judge ruled in favor of Mercantil, the lender sold the it to Wareworld LLC, a Miami-based company.

The new owner of the note scheduled the foreclosure auction for February 3, but it cancelled the auction and declared the judgment satisfied after it received a $8.4 million payment from Waterside Condominiums LLC.

Waterside Condominiums LLC received funds from RM Capital RLOC, a Naples-based entity, which loaned it $5.4 million. Waterside than added a second mortgage from NLP Finance, for $4.5 million. Now it is the new owner of the townhouse project with new plans.

The church, which itself it is a nonprofit institution faced harsh times lately specially with its financials, and it was set to lose its 25,647 square-feet facility that sits on 4.4 acres at 19000 SW 112th Avenue. The real estate was already scheduled to be sold at foreclosure auction on January 23. On December 27 – the first day the courthouse opened its doors after Christmas – Judge W. Thornton Jr. of Miami-Dade County Circuit signed a $4.4 million foreclosure judgment against the Solid Rock church in favor of Evangelical Christian Credit Union, entity which loaned $3.5 million to the Missionary Baptist Church.

The bankruptcy petition says the church has assets of between $1 million and $10 million. The church is represented by Zach Shelomith, who said they hope to work out a loan modification with the lender or with the bankruptcy petition. Shelomith added that there is a K through 12 school on the property as well.

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.

Stephen Ross, the owner of Miami Dolphins has managed to shut out 33% of the investors in his mortgage on CityPlace. However, he only managed to achieve that for the next 36 months, according to information provided by Trepp LLC.

The firm dug up the details of the loan modification that was signed off Ross and the bank concerning the West Palm Beach mixed use center. The loan modification was announced in December, when it was also announced that the maturity date of the $150 million loan was set to December 2018. The loan modification discussions ended up with an agreement that split the loan into two tranches: A and B, but the terms weren’t disclosed.

However, the modification saved Ross from foreclosure on CityPlace, which includes tenants such as Macy’s and Barnes & Noble.

According to information dug up by Trepp, Ross managed to negotiate very favorable terms: tranche A is $100 million and it has its interest rate reduced from 6.27% to 4.75%. The second, B tranche is $50 million and it has no interest rate. Until 2015. The rate on the  tranche A will increase to its original 6.27% that year as well, the South Florida Business Journal noted.

The founder and CEO of Kaufman Lynn Construction Michael Kaufman stated a couple days ago that he and his lender signed an agreement that forces him to turn over a Boca Raton office building to banks that filed foreclosure lawsuits against his company.

The good news for Kaufman is that the agreement allows him to be released from his liability as a guarantor of the $6.5 million mortgage with Lynn Kaufman Development.

According to The South Florida Business Journal both American National Bank (a lender from Oakland Park) and First Southern Bank of Boca Raton filed a foreclosure lawsuit against Lynn Kaufman Development, which is not related to the construction company, while First Southern Bank also filed a lawsuit against Kaufman himself seeking to enforce his loan guarantee.

The foreclosure lawsuit seeks to seize the 65,408-square-feet office/warehouse property that sits on 5.5 acres at 604 Banyan Trail, as the lenders have a a $7.1 million foreclosure judgment against Lynn Kaufman Development. The lenders plan to sell the property to recover debt at the Febr. 28 online auction they scheduled already.

Kaufman Lynn Construction which is among the largest general contractors in the area, leases 15% of the building for its headquarters, together with Gallery Center and the US Postal Service.

The largest Islamic school in South Florida faces foreclosure lawsuit filed by Pembroke Pines resident E.M. “Pat” Segall.

The lawsuit was filed against nonprofit Islamic Foundation  of South Florida, formerly known as the School of Islamic Studies of Broward, targeting the 11,831-square-feet religious school that sits on 11.5 acres.

The school is located at 5455 N.W. 108th Avenue and it is owned by the nonprofit foundation since 1999, who operates the Salah Tawfik Elementary and Middle School.

The foreclosure lawsuit is based on an outstanding $10 million loan given by Pembroke Pines. The lawsuit also names Regions Bank and Sunrise Four Industrial, the holders of a $760,000 second mortgage.

The Jaracanda Plaza in Plantation faces a foreclosure lawsuit filed at the end of last year by an affiliate of Palm Beach Gardens-based RAM Realty Partners.

Jaracanda Plaza Partners is affiliated with RAM Realty, filed a foreclosure lawsuit against Plantation Realty Associates on December 1.

According to informations obtained by the South Florida Business Journal, the borrower is an affiliate of American Commercial Realty Corp from West Palm.

The foreclosure lawsuit comes at the height of a winning bid placed by RAM Realty for the $26.8 million mortgage against Jacanda Plaza. The trust auction was held by Miami Beach based LNR Partners, and according to information provided by Trepp LLC, the discounted note sale caused a 50% loss for the CMBS investors.

Jacaranda Plaza was built in 1974 at 8101 and 8111 W. Sunrise Blvd., the northwest corner of University Drive. It consists of 188,077 square feet and its currently 79% leased. The largest tenants are Publix Super Markets, with 37,887 square feet; Stein Mart, with 34,400 square feet; and CVS Pharmacy, with 10,800 square feet, according to Trepp.