The Real Deal Miami

Developers’ loss at Biscayne Landing could be an investor’s gain

March 04, 2010 01:14PM

Biscyane Landing, the failed mixed-use community that was once envisioned as the key to North Miami’s revival, is what Deutsche Bank analysts recently called one of the best examples of aggressive lending during the housing boom. Boca Developers purchased the 190-acre plot with a $233.5 million loan in 2007. The site was most recently appraised at just $124 million, according to Deutsche Bank. But the misfortune of its developers could be another investor’s gain when a $35 million loan secured by a 200-year ground lease on the site goes to foreclosure auction in April. The winning bidder could guide the future of Biscayne Landing, but interest is expected to be low. Boca had planned 6,000 condos and townhouse, 120,000 square feet of shops and restaurants, 80,000 square feet of offices, plus a waterfront town center and a hotel for the site, which currently has no cash flow with just two condo towers that are in a separate foreclosure. [WSJ]