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Retail Center Hit With $138M Foreclosure

PALM BEACH GARDENS, FL-The mortgage for Downtown at the Gardens was purchased six months ago.

By Polyana da Costa | Updated on July 06, 2009

(This story, in slightly different form, originally appeared in Incisive Media’s Daily Business Review.)

PALM BEACH GARDENS, FL-Downtown at the Gardens, a high-profile shopping center in Palm Beach Gardens, has been hit with a $138 million foreclosure. The lawsuit comes about six months after a Boca-Raton group, Ashkenazy & Agus Ventures, purchased the mortgage note on the 350,000-square-foot center for an undisclosed price.

At the time of the sale, sources said the mortgage holder, TIAA-CREF, sold the note for about 35% of its original principal, or about $48 million. The note price was not disclosed in the foreclosure suit.

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