The Real Deal Miami

Complete write-down for Biscayne Landing

May 17, 2011 10:39AM

The $196.3 million in mortgages on the troubled Biscayne Landing site in
North Miami have been completely written off, according to analytics
firm Trepp. The 188-acre Superfund site was at one time the target of a
6,000-home development by Boca Developers, but after a series of
struggles, the CMBS special servicer closed the book on Biscayne
Landing. Now, a group of parties have indicated intentions to develop
the site, with Michael Swerdlow, who signed the original lease deal
before selling to Boca, proposing a new plan. The site had been the largest
delinquent loan in South Florida
for some time. [SFBJ]