Business- $13.3 million
Friday, August 15, 2014, 2:08pm EDT
Loan modification saves warehouse park from foreclosure
South Florida Business Journal
A warehouse park in Pompano Beach resolved a foreclosure dispute after its loans was modified.
In 2012, GECMC 2006-C1 Copans Industrial, representing a commercial mortgage-backed securities (CMBS) trust, filed a $13.3 million foreclosure lawsuit against Miami Beach-based SRA/Copans Commerce Depot. It targeted eight warehouse buildings at 1301 Copans Road and the vacant site of one acre at 2425 N. Andrews Ave. They total 187,232 square feet.
RELATED CONTENT: Over 187,000 square feet of warehouses in Pompano Beach in foreclosure
In July, the lender modified the mortgage with a $2.2 million increase. That was divided into a “Tranche A” with a principal balance of $10.25 million and a “Tranche B” with a principal balance of $5.23 million plus $2.2 million in unpaid accrued interest, lender expenses and late fees. The “Traunche A” will hold priority should the loan be sold for less than the full mortgage amount, with the “Traunche B” receive whatever is left over.
Clifford Stein is the managing member of SRA/Copans.
The latest information from CMBS analysis firm Trepp LLC says the property was recently 64 percent occupied with an annualized net operating income of $741,204. The largest tenant was Max Urban Millwork with 10,900 square feet.