Article Courtesy of The South
Florida Business Journal
By Brian Bandell
January 22, 2021
A Palm Beach Shores property that’s slated for a
condominium development has been targeted in a $5.5 million foreclosure
Fryd Mortgage filed a foreclosure complaint Jan. 6 against v Skyfall
Ocean 150 LLC, Skyfall Ocean 200 LLC and Skyfall Ocean 206 LLC, along
with loan guarantors Robert S. Castellano and Jay Deutchman. The lawsuit
concerns the 1.34-acre site at 150, 200 and 206 Inlet Way.
Located on the north side of the Palm Beach Inlet, the waterfront
property currently has three apartment buildings with a combined 23
units. It was approved for a 15-unit Skyfall Ocean condo project.
The developer acquired the property for $6.5 million in 2019 and
obtained a $5.5 million mortgage. According to the complaint, the
borrower defaulted on the mortgage by failing to make the Dec. 1, 2020,
payment and not paying property taxes. The complaint says $5.5 million
in principal, plus interest, is due.
Attorney Mark E. Kass, who represents Fryd Mortgage in the lawsuit,
couldn’t be reached for comment.
Castellano, the head of Weston-based Robert Castellano Building and
Design, said the December mortgage payment was “delayed” because he
expected to close on a $20 million construction loan with another lender
"His [$5.5 million] loan will get paid off, and then we will move
forward," Castellano said. "The property taxes will come out of the
costing proceeds. We were supposed to close the loan on Dec. 31, so we
are 13 days behind schedule."
Castellano said he’s presold six of the 15 units at Skyfall Ocean.
Prices range from $1.78 million to $3.9 million.