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The Real Deal Miami

Biscayne Landing tops list of largest delinquent loans in South Florida

By Alexander Britell | February 02, 2011 10:10AM

The troubled Biscayne Landing, at one point the potential spot for a Ski
Dubai-type indoor ski mountain, is the biggest delinquent property loan
in South Florida, according to South Florida data through the end of
January compiled by analytics firm Trepp for The Real Deal.

The Biscayne
Landing site, which is directly adjacent to Florida International
University’s Biscayne Bay campus in North Miami, is delinquent beyond
the May 2009 maturity date on its $130.74 million loan.

It rose to the
top of the list in October, overtaking the Shore Club. Second on the
list is the $108.9 million loan on the Shore Club hotel on Collins
Avenue, which is also delinquent beyond its Dec. 1, 2010 maturity date.
The 309-unit hotel went
into foreclosure in early March.

South Florida’s rate of delinquencies of 30 days or more is now at approximately 11.3 percent through January, and amounts to $1.62 billion, compared to a national rate of only 9.34 percent. One year ago in January, South Florida’s number was just 8.9 percent.

Third on the list is the Rivergate Plaza office tower in Miami’s Brickell submarket, which is the largest delinquent office loan in South Florida at $58.5 million. The building is now real estate-owned.

The Union Square Apartments complex in Palm Beach Gardens has the highest delinquent loan in Palm Beach County at $58 million.

Of 98 properties with delinquent loans of more than $1 million or larger in South Florida, 24 are office properties and 26 are retail properties. There are 12 such delinquent loans on multi-family properties, with the largest being Union Square Apartments.

There are six hotels on the list, including the Shore Club, Miami Beach’s Sagamore and Carlton hotels, the Hilton Garden Inn in Boca Raton and two in Palm Beach Gardens: the Palm Beach Gardens Marriott and the Doubletree.

The largest delinquent retail loan in the area is at the Palm Beach Mall in West Palm Beach, for just under $50 million.

While Miami-Dade had the three largest delinquent loans, it only had 23 in all of 2010 while Broward and Palm Beach had 36 and 40 properties, respectively.