(This story, in slightly different form, originally appeared in the Daily Business Review.)
MIAMI-Commercial real estate lenders continue to sell mortgage notes at deep discounts as they try to raise cash and unload potentially troubled loans. The latest investor to take advantage of the distressed financial market is Boca Raton-based Ashkenazy & Agus Ventures, which bought a $139-million mortgage secured by the Downtown at the Gardens mall in Palm Beach Gardens.
The mortgage holder, insurance giant TIAA-CREF, sold the note for about 35% of its original principal, or about $48 million, according to sources who asked not to be named. Blair Lee of Ashkenazy says the company bought the note at a discounted price but did not disclose how much was paid.
Ashkenazy & Agus, a real estate company with holdings throughout the country, is led by Izzy and Michael Ashkenazy and Jonathan Agus. Downtown at the Gardens is owned by Institutional Mall Investors, a company co-owned by Skokie, IL-based Miller Capital Advisory and the California Public Employees Retirement System, or Calpers, the second-largest US pension fund.
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