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On June 24, Madeleine LLC, an affiliate of New York-based Capital Management, secured a $23 million foreclosures judgment against andBoca Developers’ principales Brian Street and James Cohen, accordingh to Broward County Circuit Court The public sale of the 256,000-square-foot commercial centetr in downtown Fort Lauderdale is set for Aug. 27 at 11 a.m. Madelein e has the inside track on acquiring the property by pledginvits judgment, which its parent company alreaduy controls. After Boca Developers defaulted ona $205 million mezzaninre loan to Cerberus, the private equity firm took over severa l development entities, including Las Olas Riverfron Holdings, in 2008.
had the top creditor position on Las Olas Riverfront with thefirst mortgage. After filing the foreclosuree lawsuit , Wachovia sold the firsy mortgage toACF Riverfront, of New which is managed by Jack Cayre of the in New In March, ACF Riverfront sold the defaulted mortgage on Las Olas Riverfrontf to Madeleine. The move ensuresx that Cerberus will maintain control ofthe property, unlessz another party makes a large bid at the publifc sale.
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