Space Plus self-storage of Boynton Beach, Fla., could be foreclosed on and seized by a commercial mortgage-backed securities (CMBS) fund.
According to Palm Beach County Circuit Court records, Bank of America, representing a CMBS fund originated by Bear Stearns Commercial Mortgage Securities, filed a $3.5 million foreclosure lawsuit on Wednesday against Mega Mini Co. Data from CMBS analysis firm Trepp LLC indicates the mortgage was more than 90 days past due in late April.
Space Plus is a 119,893-square-foot storage facility sitting on 10 acres.
Source: South Florida Business Journal, Space Plus storage faces foreclosure
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