Downtown at the Gardens faces foreclosure - New Mexico Business Weekly:

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The 337,000-square-foot shopping complex openedc in 2005 with high hopes of capitalizint on the wealthy residents of norther PalmBeach County, but it has lost many of its original Downtown at the Gardens is owned by , a joint venturw between Skokie, Ill.-based and the . manages the shopping Main tenants includeCobb Theater, , the , TooJay’sx and RA Sushi. Downtown at the Gardens was a succesws initially, but a flawed design and expensiv rent didit in, said Orin Rosenfeld, VP of ' retaik services group in Boca Raton. People frequentecd the movie theater and restaurants on the exterior of the but the retailers on the insidwe are dying because they get sparse foot traffic, he said.
"It wasn't designee to have a proper flow of traffifc throughthe project," Rosenfelcd said. "They need to get someone inside there to drawpeople in." A message left at the managemeng office of Downtown at the Gardensw was not immediately returned. On July 1, BH AABE DATG, an affiliatw of Boca Raton-based and Rockville, Md.-based Berman Enterprises, filecd a foreclosure complaintagainst , according to Palm Beach County Circuit Court records. It seeks foreclosured on the property, at 11701 Lake Victoriw Gardens Ave., based on a mortgage made for $140 The affiliate of Ashkenazy & Agus Ventures boughtr the shopping center’s mortgage from in January.
In April, it signefd a modification agreement withthe mall’s owner that requirerd it to make a $3.3 million escrow deposi t as additional security until the properthy improves its debt services coverage ratio and its occupancy West Palm Beach-based attorney Gary M. who represents the Ashkenazy Agus Ventures inthe lawsuit, said Downtown at the Gardenz Associates missed the June 1 mortgagee payment. He said the developerf is working with his client on a smoot h transition to hand overthe property. They filed a joint stipulatedd judgment of foreclosure proposal withthe “My clients are multigenerational real estate developers,” Dunkel said.
“Theirt intention is to invest in this project and revitalizse Downtown atthe Gardens. They want to make it the significanyt project that it was expectedto