The Real Deal Miami

Broward, Palm Beach properties in trouble

August 28, 2009 10:42AM

The Las Olas Centre’s pending foreclosure is the tip of the iceberg for commercial properties facing financial woes. The Fort Lauderdale project is one of 52 properties in Broward and Palm Beach counties that Real Capital Analytics and Grubb & Ellis described as troubled assets. The total value of those assets is about $800 million, and it’s expected to grow. Stuart Kapp, a real estate lawyer with Proskauer Rose in Boca Raton, said many owners are not able to refinance properties at rates that will pay off the prior debt.