The Real Deal Miami

Rivergate Plaza tops office delinquencies

By Alexander Britell | April 07, 2011 04:17PM

The Rivergate Plaza office complex has vaulted over Coral Gables’ Douglas Entrance office complex to lead all of South Florida’s delinquent office loans over $1 million, according to data provided to The Real Deal by analytics firm Trepp as of the end of March.

Rivergate, located at 444 Brickell Avenue in downtown Miami, is now REO after being delinquent on its $58.5 million loan.

Troubled North Miami site Biscayne Landing remains the largest delinquent property loan in South Florida at $130.74 million, followed by the Shore Club hotel on Collins Avenue in Miami Beach, which is delinquent on a $108.5 million loan.

Rivergate Plaza was third overall on the list, followed by the Union Square Apartments and the Palm Beach Gardens Marriott.

Rivergate Plaza, which had previously been the region’s largest delinquent office loan, is now real estate-owned.

Palm Beach County had the most delinquent loans, with 37. Broward followed with 36 and Miami-Dade had 22.

The largest delinquent loan on a multi-family property remains the $58 million loan on the Union Square Apartments, which is located at 4120 Union Square Boulevard in Palm Beach Gardens and is also the largest delinquent loan in Palm Beach County.

Of 94 commercial properties delinquent on loans of $1 million or more, 28 are office properties and 25 are retail properties.

There are six hotels on the list, led by the Shore Club, and followed by the Palm Beach Gardens Marriott, which is currently REO.

The largest retail property on the list is the Palm Beach Mall in West Palm Beach, which is more than 90 days delinquent on its $49.1 million loan.

According to Trepp’s data, the total balance of South Florida loans 30 or more days delinquent is $1.49 billion, a rate of 10.6 percent of all outstanding commercial property loans. That is above the national rate of 9.42 percent.