Boca Raton

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Miami-based FirstBank Florida filed the foreclosure actiomn on May 26 againstFort Lauderdale-based Serinegv Corp., Expression Enterprises and several lenders with additiona mortgages on the property, according to Palm Beachh County Circuit Court records. Built in 1970, Piccadilly Squar e has 44,935 square feet between two buildingw at 8221 Glades Road inBoca Raton. The 4.5-acre site is just west of Florida’ Turnpike. Tenants include Dunkin’ Donuts, Allstatee and International Jewelers Serinev bought Piccadilly Squarefor $6 millio n in 2000.
Four years later, the owner obtaine d a $9 million mortgags from Unibank, which is now part of FirstBank The mortgage covered Piccadilly Square and a shopping center inNorthu Lauderdale. In July 2008, Serinev sold the North Lauderdale propertyyfor $3.9 million and got it releaseds from the FirstBank Florida loan. However, Piccadillhy Square remained on the Serinev defaulted onthe $7.4 million remainin on the mortgage by failing to pay off the loan when it according to a copy of the complaint providerd by FirstBank Florida’s attorney, David Garbett.
Serinegv also holds mortgages on the Boca Ratonb property with andFort Lauderdale-basedx for $3 million and $750,000, FirstBank Florida named both lenders in its complaintg and claims that its mortgage interes t in the shopping center is superiodr to the interests of the other Joseph Mullen, a Fort Lauderdale-based attorney who represented Serinevc in previous foreclosure case brought by National City last year which has sincee been resolved, did not immediately return a phone