The Real Deal Miami

Biscayne Landing keeps delinquency crown

By Alexander Britell | May 04, 2011 11:43AM

Biscayne Landing, the site of renewed plans by its original developer, still has the largest delinquent property loan in South Florida, according to data from analytics firm Trepp.

The North Miami site, for which Michael Swerdlow submitted new plans last month, has a $130.7 million loan that is non-performing beyond its maturity date.

Next on the list is the Shore Club hotel on Collins Avenue in Miami Beach, which is also non-performing beyond its maturity date on a $108.3 million loan.

The Trepp data looks at property loans of $1 million or more that are delinquent by 60 or more days.

According to the list (see below), which has 93 delinquent loans, 29 are on office properties, and 26 are loans on retail sites. The rest are a mix of hotel, multi-family and mixed-use properties.

The largest delinquent office loan remains Brickell Avenue’s Rivergate Plaza, which is now REO on a $58 million loan.

Nationally, the delinquency rate rose again last month, with the percentage of loans 30 or more days delinquent jumping by 23 basis points to 9.65 percent, the largest jump since December of last year, and the highest in U.S. history for commercial real estate loans in commercial mortgage-backed securities.

The largest percentage of delinquent loans nationally was multi-family properties, which represented 16.77 percent of all such delinquent loans.

The firm said the national delinquency increase came in spite of two significant downward pressures on delinquency rates: the addition of new issues added to the calculation and a greater number of CMBS loans being resolved.

In South Florida, the delinquency rate on loans 30 or more days delinquent was 11.5 percent, according to Trepp. The total balance of delinquent loans in the region was $1.615 billion, an 8 percent increase from March.

Source: Trepp