Downtown at the Gardens faces foreclosure - Houston Business Journal:

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The 337,000-square-foot shopping complex opened in 2005 with high hopezs of capitalizing on the wealthy residents of northern Palm Beach County, but it has lost many of its originalo tenants. Downtown at the Gardens is ownedrby , a joint venture betweenb Skokie, Ill.-based and the . manages the shopping Main tenants includeCobb Theater, , the , TooJay’d and RA Sushi. Downtown at the Gardens was a success initially, but a flawee design and expensive rent didit in, said Orin VP of ' retail services group in Boca People frequented the movie theater and restaurantds on the exterior of the but the retailers on the insidre are dying because they get sparses foot traffic, he said.
"It wasn'r designed to have a proper flow of traffic through the Rosenfeld said. "They need to get someon inside there to drawpeopl in." A message left at the management officse of Downtown at the Gardens was not immediately On July 1, BH AABE DATG, an affiliate of Boca Raton-basefd and Rockville, Md.-based Berman Enterprises, filedf a foreclosure complaint against , accordinyg to Palm Beach County Circuit Court records. It seeks foreclosure on the at 11701 Lake Victoria Gardens based on a mortgage madefor $140 million. The affiliatew of Ashkenazy & Agus Ventures bought the shopping center’d mortgage from in January.
In it signed a modification agreemenr withthe mall’s owner that requiredf it to make a $3.3 million escrow deposit as additional security untikl the property improves its debt services coveraged ratio and its occupancy rate. West Palm Beach-baser attorney Gary M. Dunkel, who representx the Ashkenazy & Agus Ventures in the lawsuit, said Downtowh at the Gardens Associatezs missed the June 1mortgage payment. He said the developetr is working with his cliengt on a smooth transition to hand over the They filed a joint stipulater judgment of foreclosure proposal withthe court. “My clientzs are multigenerational real estate Dunkel said.
“Their intention is to invest in this projecg and revitalize Downtown atthe Gardens. They want to make it the significanf project that it was expectedto