The troubled Biscayne Landing property in North Miami, which most recently was the site of a proposed indoor ski mountain modeled on Ski Dubai, has overtaken the Shore Club to be South Florida’s largest delinquent commercial mortgage-backed security loan, according to data from analytics firm Trepp compiled for The Real Deal.
The loan, which has a balance of $130.7 million, is non-performing beyond its maturity date of May 9, 2009.
The data covered loans of $1 million or more that are 60 or more days delinquent, as of the end of September (see chart below).
The Shore Club hotel at 1901 Collins Avenue in Miami Beach, moved to the second property on South Florida’s top delinquent properties which are more than 90 days late on its $109.6 million loan. The property was previously the largest delinquent CMBS loan in South Florida.
Still in third on the list is the Rivergate Plaza office tower at 444 Brickell Avenue in downtown Miami, which is now real estate-owned and has a loan balance of $58.5 million. Its loan is the largest delinquent CMBS loan on any South Florida office property.
Fourth on the list is the Union Square Apartments complex at 4120 Union Square Boulevard in Palm Beach Gardens, which IS more than 90 days late on a $58 million loan, which was on the list last month as well.
In fifth place is the Gallery at Cocowalk — Tranche A, which is located at 3015 Grand Avenue in Coconut Grove, with a $51.5 million balance that is more than 90 days late. The Gallery was on the list last month as well.
Of 97 South Florida properties with delinquent CMBS loan balances of over $1 million, there were 28 delinquent loans on retail properties, with 22 such loans on office properties.
Nationally, CMBS loans topped 9 percent for the first time in history at the close of September, according to Trepp, but the rate of increase in delinquency slowed to just 13 basis points, the second-slowest increase of this year and the smallest since a 12 basis point increase in July. That rate includes loans that are 30 or more days delinquent.