The Real Deal Miami

Biscayne Landing still tops distressed loans as national delinquency rate jumps

By Alexander Britell | December 01, 2010 03:30PM

The troubled Biscayne Landing site in North Miami again topped the list of South Florida’s largest delinquent loans, according to the latest report from commercial mortgage tracking firm Trepp.

The property, which was recently the subject of plans for an indoor ski resort modeled on Ski Dubai in the United Arab Emirates, is again looking for a development plan after the idea was shelved over the summer.

Biscayne Landing’s loan, which is non-performing beyond maturity, is for $130.7 million.

Nationally, the U.S. delinquency rate was up again in November, after falling in October for the first time in a year. The percentage of loans 30 or more days delinquent, in foreclosure or real estate-owned rose by 35 basis points in November to 8.93 percent, making the total value of delinquent loans $60.3 billion.

It was the largest monthly increase since May 2010, and the second-highest rate ever after a 9.05 percent number in September.

Second on the South Florida list was the Shore Club hotel on Collins Avenue, which is more than 90 days delinquent on its $109.26 million loan.

Third on the list is the Rivergate Plaza on Brickell Avenue, which has had the largest delinquent office loan in South Florida, at $58.5 million, for some time.

South Florida’s largest delinquent multi-family loan is on Union Square Apartments at 4120 Union Square Boulevard in Palm Beach Gardens, which is non-performing beyond maturity on its loan of $58 million.

It was the multi-family sector that struggled the most in the United States, with a 117-basis point fall to a 15.8 percent delinquency, making it the worst performing category nationally.

The list covers the 97 properties with delinquencies on loans of more than $1 million. Of the 97, 26 are office properties, and 25 are retail properties. Only those that are 90 days or more delinquent qualify.

The largest delinquent retail loan to make the list is on the Palm Beach Mall in West Palm Beach, which is now an REO. Its loan is just under $50 million.