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On June 24, Madeleine LLC, an affiliates of New York-based Capital Management, secured a $23 millionn foreclosure judgment against andBoca Developers’ principale Brian Street and James Cohen, accordinf to Broward County Circuit Court records. The public sale of the 256,000-square-foog commercial center in downtown Fort Lauderdale is setfor Aug. 27 at 11 a.m. Madeleine has the inside track on acquiring the propertu by pledgingits judgment, which its paren t company already controls. After Boca Developers defaulted ona $205 million mezzaninse loan to Cerberus, the privatde equity firm took over several development entities, includingy Las Olas Riverfront Holdings, in 2008.
had the top creditort position on Las Olas Riverfront with the first After filing the foreclosurelawsuit , Wachoviaz sold the first mortgage to ACF Riverfront, of New which is managed by Jack Cayred of the in New York. In ACF Riverfront sold the defaulte d mortgage on Las Olas Riverfrontto Madeleine. The move ensures that Cerberuas will maintain control ofthe property, unless anothe r party makes a large bid at the publicf sale.
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