Real estate mogul scores $17M loan in Deerfield
Previous lender filed foreclosure suit in 2013
September 23, 2015 04:44PMBy Sean Stewart-Muniz
The offices at 1000 East Hillsboro Boulevard in Deerfield Beach
One of Palm Beach County’s largest property owners just took out a $17 million loan on an office building in Deerfield Beach.
The property is a two-story office building with 156,813 square feet, located at 1000 East Hillsboro Boulevard. Broward County records show that its owner, Hillsboro Partners LLC, closed on the financing from Capital Bank last week.
James Batmasian, who made headlines in recent years after he was named in a number of risque lawsuits, is the company’s managing member. His company paid $14 million to acquire the offices in 2004.
Records show that LNR Partners, acting as a special servicer for Wells Fargo Bank, sought to foreclose on an $11.4 million mortgage on the property in 2013. A Broward County circuit court later granted a sequester of rents and income for the company to satisfy the debt.
On Wednesday, the same day that Hillsboro Partners closed on the Capital Bank loan, LNR dismissed its suit.
Batmasian was reportedly sued by two former employees who accused him of sexual harassment and financial fraud. He also commands one of the largest portfolios of commercial properties in Palm Beach County, valued at more than $100 million, according to the Palm Beach Post. The lawsuits are ongoing.
Source: The Real Deal