Parkland Commons faces foreclosure - South Florida Business Journal:

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Earlier this week, filed a foreclosure lawsuigt against developer MPG Parkland andCharles H. Monroe III, the presiden of Safety Harbor-based Monroe’s Prestige Group. It’a the third pending foreclosurs lawsuit in South Florida againstg an affiliateof Monroe’s company. Monroed said he hopes the bank will deal the note toanotherr investor, but if not, he is preparefd to put MPG Parkland into Chapter 11 bankruptcy protectionm to force a workout. “What’s sad is the bankx don’t want to work with Monroe said. “They don’t care.” The nearl y 90,000-square-foot Parkland Commons is about 65 percent leased aftee openingthis year, Monroe said.
Besides Publix, tenants include Mercantil Commercebank and Renaissancwe WellnessDay Spa. It sits on a 22.8-acre site at Northy University Drive and Trails End in the wealthy city of Part of the siteis undeveloped. Bank of America’sz lawsuit is based on a mortgage to MPG Parkland last modifierat $31 million in 2007. The complaint also names Boston-based TriSail Funding Corp., which gave the developed a $4.3 million mortgage in April 2008. Monrode said he had to stop paying interesf on the Bank of America mortgage because he could not lease enougnh ofthe space.
He found a tenant that signed a lease for the restaurant atParklanr Commons, but said Bank of Americs would not fund the tenant improvements to readyy the space for occupancy, so he could startf collecting rent, Monroe said. “It makes no he said. Miami-based attorney Lee D. who represents Bank of America in the did not immediately return a callseeking comment. Monroe also is named in pendingh foreclosure lawsuits by targetinhg theBest Buy-anchored Coral Landings III in Coral Springs/Margate and by BankAtlantixc targeting the Publix-anchored Quantum Village in Boynton In April, Miami-based TW Plaza Holdings purchased the delinquentr mortgage on Monroe’s Publix-anchored Cora Landings II in Coral Springs and acquireed the property with a deed in lieu of Monroe’s Prestige Group also owns shopping centers in Jupiterr and North Miami Beach.
Monro e said the latter one is also having issued withits bank, but is not in