WILDWOOD, NJ-Palisades Financial has acquired a defaulted first mortgage note from a regional commercial bank on a property located in this oceanfront city's redevelopment zone. The Fort Lee-based real estate investment banking and advisory firm will be taking the property through the foreclosure process, says principal Mark Zurlini. The note is also secured by a second mortgage on an additional development in nearby Wildwood Crest.
"The opportunity to purchase under-performing and non-performing debt is reflective of the type of deals that we are seeing more of, based on the current financial climate," says Zurlini, in a statement.
A spokesman for Palisaders Financial declined to provide further details of the acquisition, and of the properties involved.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.