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COCONUT GROVE, FL-Three years after PMAT Real Estate Investments bought CocoWalk for $87 million, its lender slapped a $97.6 million foreclosure action against the New Orleans investor. According to the South Florida Business Journal, Bank of America filed the action against the owner of the open-air shopping center on behalf of a CMBS fund.

Located at 3015 Grand Ave., the high-end lifestyle center in the Miami suburb has a variety of national tenants including Cheesecake Factory, GAP, Victoria’s Secret, Hooters and Starbucks. American Multi-Cinema, which had been at the center since the open-air mall opened in 1990, terminated its lease last September. A Muvico-branded theater will open in its place in April 2010.

The article says while the center is a popular destination, and while the ground-floor retailers enjoy heavy traffic, retailers on the upper levels struggle to get customers. Furthermore, the center has lost customers to competing retail centers.

Adam Greenberg, managing director of Miami-based Baybridge Real Estate Group, told the Business Journal that the loan-to-value ratio on the mortgage was “extremely aggressive,” while the price per square foot paid by PMAT Real Estate in 2006 was too high.

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