The transaction hinges on the current owner, Heritage Pompano Square Ltd., settling its $14.2 million debt with New York lender CDC Mortgage Capital. Both sides are talking, trying to avoid a protracted foreclosure lawsuit by the lender.
Lender and borrower have agreed to a six-month cooling-off period in which Heritage will either sell the asset or try to restructure the loan.
Heritage principal Lawrence Krause and his late partner, Dennis Bass, bought the shopping center from the California Public Employees Retirement System in 1997 for $21.75 million or $21.75 per sf.
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