Shore Club still leads South Florida’s top distressed properties


From left: the Royal Palm hotel in Miami Beach and Rivergate Plaza in Brickell

Five additional properties made the list of South Florida’s highest-priced distressed properties, although the Shore Club remained number one, according to data compiled by commercial loan tracking firm Trepp for April (see list below).

The highest-priced update to the list is the Royal Palm hotel building at 1545 Collins Avenue in Miami Beach, which is in foreclosure on a more-than-$74 million loan. The next-highest is Rivergate Plaza, an office tower at 444 Brickell Avenue in downtown Miami that is now delinquent on a $58.5 million loan.

The Shore Club hotel in Miami Beach is more than 90 days delinquent on its $110 million mortgage.

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In addition to Royal Palm Hotel and Rivergate Plaza, the newest delinquent properties on the top 10 list include, the Palm Beach Mall, Sawyer Portfolio and the Greenery Mall in Miami. Half of the 10 properties were in foreclosure, and the other five were more than 60 days late on their loan payments. The top 10 totals almost $570 million in delinquent loans. 

With the new additions to the list, the Sagamore Hotel, which is more than 60 days late on its $31.5 million loan, was bumped to 10th place from fifth. 

The top four distressed properties, and seven of the top 10, were in Miami-Dade County. Of the remaining three, two were in Palm Beach County and one was the series of Sawyer Portfolio manufacturing properties across Broward County. 

Only one of the properties was an office space, the Rivergate Plaza on Brickell Avenue. The rest were residential, hotel and retail properties.  

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