Las Olas Riverfront auction on hold after buyer emerges [South Florida]
A foreclosure auction for Las Olas Riverfront was put on hold Tuesday, when an interested lender reached a last-minute agreement to take over the troubled retail and restaurant complex.
A lender of the Fort Lauderdale retail complex, Madeleine L.L.C., filed an emergency motion late Monday in Broward County Circuit Court to postpone the auction so it could exercise its right to purchase the loan on the property. Madeleine, an affiliate of Cerberus Capital Management in New York, agreed to buy the loan for $21.8 million from senior lender, ACF Riverfront, which took over the debt on the property after foreclosure proceedings began earlier this year.
If the sale closes within 10 days, the complex’s owner, Las Olas Riverfront Holdings, agreed to transfer the property to Madeleine in exchange for being released from any further liability.
“It was a fair outcome for all parties involved,” said Richard E. Berman, a Fort Lauderdale attorney representing Boca Developers and its founders Brian Street and James Cohen.