Palfi Buys Defaulted Mortgage

(Read more on the debt and equity markets.)

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.