Palm Beach Gardens church that owns Borland Center files for Chapter 11

Source: The Palm Beach Post, Fla.mini storageOct. 21--PALM BEACH GARDENS -- Palm Beach Community Church in Palm Beach Gardens has filed Chapter 11 bankruptcy protection in a bid to stave off a foreclosure filed against the church by its lender, PNC Bank. The filing was made after efforts to pay down part of a loan to PNC Bank fell apart last week.In an Oct. 20 filing, the church lists assets of $15.6 million, including its property on PGA Boulevard, and debts of $11.4 million.Since 2011, the church and PNC have been locked in litigation on a $12 million mortgage secured by the church building, known as the Borland Center.The Borland Center, part of the Midtown mixed-use complex, is on prime space on PGA Boulevard, just west of Interstate 95. The 50,000-square foot center was completed in March 2008. It was intended to be not just a home for the church's then 450 membership but a gathering spot for the community.In court documents, the church has accused the bank of violating loan terms. The bank has denied it has behaved badly and said it ju迷你倉t wants the church to pay back the loan, according to court records.The church has been trying to pay off at least a portion of the loan by selling a 9-acre piece of land west of the Borland Center.Word is that a deal was on the table to sell the land to an unidentified investor for $8 million, but the bank rejected the offer last week.By filing the Chapter 11 reorganization, the church buys itself a little time as it seeks to avoid a foreclosure on the property, but it's unclear how long the filing could delay the foreclosure. Calls to the church's bankruptcy lawyer were not returned immediately.There is a belief that the bank would not mind taking the valuable property back. It could be worth as much as $25 million. As a result, even as far back as August, sources said the bank was unlikely to accept a settlement less than the mortgage amount.Copyright: ___ (c)2013 The Palm Beach Post (West Palm Beach, Fla.) Visit The Palm Beach Post (West Palm Beach, Fla.) at .palmbeachpost.com Distributed by MCT Information Services文件倉