The 60,000-square-foot project, on a beachfront parcel that Catalfumo’s OMRD LLC leased from the city of Riviera Beach, got a $21.2 million mortgage in 2008 from Branch Banking and Trust Co. That loan, for the renovation of the property, was set to mature in March 2011.
On March 25, a modified mortgage was filed. OMRD paid the loan down to $11.6 million after a $6 million principal pay-down, and the maturity was extended to September 2014. The mortgage is divided into a $10.4 million “Note A” and a $1.2 million “Note B.”
Things have not gone as smoothly with other lenders for Catalfumo, the head of Palm Beach Gardens-based general contractor Catalfumo Construction and Development. In February, Catalfumo lost a $32.6 million judgment to Seacoast National Bank over a stalled project in Palm Beach Gardens. It later filed a foreclosure lawsuit over that property.
That was part of the $121 million in troubled loans that banks have sued Catalfumo and his affiliates over.
However, Catalfumo made out with some cash in June when his company sold 146 condos in Singer Island’s 2700 North Ocean for $117.3 million. The buyer assumed his $86.1 million mortgage.
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