FORT LEE, N.J. – Palisades Financial, a leading Fort Lee, New Jersey-based real estate investment banking and advisory firm, has acquired a defaulted first mortgage note from a regional commercial bank on a property located in a redevelopment zone in Wildwood, New Jersey. Palisades will be taking the property through the foreclosure process. Additionally, the note is secured by a second mortgage on an additional development located in Wildwood Crest, New Jersey.

Mark W. Zurlini, principal with Palisades Financial, stated, “The opportunity to purchase under performing and non-performing debt is reflective of the type of deals we are seeing more of at Palisades Financial based on the current financial climate.”