Rivergate Plaza tops office delinquencies

Miami /
Apr.April 07, 2011 04:17 PM

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.


Related Articles

arrow_forward_ios
From left: The Fontainebleau Miami Beach, Shore Club and Clevelander South Beach 

Record-breaking surge in Covid cases spells trouble for South Florida’s hotel market

Record-breaking surge in Covid cases spells trouble for South Florida’s hotel market
Biscayne Beach

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work

Lawsuit accuses Biscayne Beach developer and construction firms of shoddy work
From left: Gran Paraiso and Bayside Terrace Condo

Gran Paraiso construction debris rained down on Edgewater condo building, lawsuit alleges

Gran Paraiso construction debris rained down on Edgewater condo building, lawsuit alleges
Peter Dyga and MiMo Bay Apartments construction site

Social distancing? Coronavirus not stopping South Florida construction projects — for now

Social distancing? Coronavirus not stopping South Florida construction projects — for now
One Ocean

Allegations of shoddy construction pile up at Related’s One Ocean

Allegations of shoddy construction pile up at Related’s One Ocean
JW Marriott Miami Turnberry Resort & Spa with Jeffrey Soffer, and a rendering of the Shore Club with Ziel Feldman

Jeffrey Soffer’s Turnberry Isle, HFZ’s Shore Club hotel close refinancings

Jeffrey Soffer’s Turnberry Isle, HFZ’s Shore Club hotel close refinancings
Jorge Perez and One Ocean

One Ocean’s condo association sues Related alleging shoddy construction

One Ocean’s condo association sues Related alleging shoddy construction
SkyRise Miami set to take off once again, could be Florida’s tallest tower

SkyRise Miami set to take off once again, could be Florida’s tallest tower

SkyRise Miami set to take off once again, could be Florida’s tallest tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...