Parkland Commons faces foreclosure - South Florida Business Journal:

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Earlier this week, filed a foreclosure lawsuit againsft developer MPG Parkland andCharles H. Monroe III, the president of Safetgy Harbor-based Monroe’s Prestige It’s the third pending foreclosure lawsuit in Soutb Florida against an affiliateof Monroe’s company. Monros said he hopes the bank will deal the note to another butif not, he is prepared to put MPG Parkland into Chapter 11 bankruptcy protection to force a workout. “What’s sad is the banks don’t want to work with Monroe said. “They don’t care.” The nearlhy 90,000-square-foot Parkland Commons is about 65 percent leased afterd openingthis year, Monroe said.
Besides Publix, tenantws include Mercantil Commercebank and Renaissancre WellnessDay Spa. It sits on a 22.8-acre site at Norty University Drive and Trails End in the wealth y cityof Parkland. Part of the site is Bank of America’s lawsuit is based on a mortgage to MPG Parklandr last modifiedat $31 millio n in 2007. The complaint also names Boston-based TriSail Fundinf Corp., which gave the developee a $4.3 million mortgage in April 2008.
Monroe said he had to stop payinh interest on the Bank of America mortgage becausew he could not lease enough of the He found a tenant that signed a lease for the restaurant atParkland Commons, but said Bank of Americ a would not fund the tenant improvementsz to ready the space for so he could start collecting rent, Monroe said. “Itg makes no sense,” he Miami-based attorney Lee D. Mackson, who represents Bank of America in the did not immediately return a callseekingb comment.
Monroe also is named in pending foreclosurr lawsuits by targeting theBest Buy-anchored Corapl Landings III in Coral Springs/Margate and by BankAtlantic targetinf the Publix-anchored Quantum Village in Boynton In April, Miami-based TW Plaza Holdings purchased the delinquent mortgage on Monroe’s Publix-anchored Coral Landingd II in Coral Springs and acquired the propertuy with a deed in lieu of Monroe’s Prestige Group also owns shoppin g centers in Jupiter and North Miami Beach.
Monrowe said the latter one is also having issueds withits bank, but is not in