The Real Deal Miami

Westin Fort Lauderdale loan now in foreclosure

Trepp's monthly delinquency report shows change in hotel's mortgage status

October 01, 2014 11:15AM

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Westin Fort Lauderdale

Westin Fort Lauderdale

The Westin Fort Lauderdale Hotel was the most notable new entry in Trepp LLC’s monthly report on delinquent loans in South Florida.

Last month, the status of the nearly $41 million loan secured by the 400 Corporate Drive hotel changed from “current” to “foreclosure,” according to Trepp. The Westin mortgage was the second-largest delinquent South Florida loan in September, based on outstanding loan balance. The mortgage secured by the Palm Beach Mall, which has a $43.6 million balance, remained the region’s largest delinquent loan.

Rounding out Trepp’s top five delinquent loans were mortgages secured by the Corporate Center in Fort Lauderdale, Southern Center in West Palm Beach and the Shoppes of Wellington Green in Wellington.

South Florida’s delinquency rate in September reached 5.8 percent, up from 5.6 percent in August. That is below the national delinquency rate of 6.03 percent, however. — Eric Kalis

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