The Real Deal Miami

CityPlace now tops SF delinquent loans

By Alexander Britell | June 07, 2011 05:35PM


Source: Trepp Group

West Palm Beach’s CityPlace now has the largest delinquent CMBS loan in South Florida, after being more than 60 days delinquent on a $150 million loan, according to data from analytics firm Trepp for The Real Deal.

Developer Related’s mixed-use complex took the top spot from Biscayne Landing, the troubled site in North Miami which saw a complete write-down on $196.3 million in mortgages in May by its CMBS special servicer, Credit Suisse.

The Biscayne Landing write-down was part of a national trend of CMBS liquidations, with almost $1.4 billion in CMBS conduit loans resolved with losses in May, according to Trepp.

Trepp’s data looks at property loans of $1 million or more which are delinquent by 60 or more days.

There are a total of 91 properties in South Florida that meet these criteria, with the 91 loans totaling $1.34 billion. The list is dominated by retail and office properties — there are 28 delinquent retail properties on the list, along with 25 offices.

Still in second place, however, was the Shore Club hotel in Miami Beach, which is now non-performing beyond maturity on its $108.13 million loan. The hotel, which is located at 1901 Collins Avenue, was hit with a foreclosure action at the end of 2010.

Holding its crown for the largest delinquent office property loan in South Florida is the Rivergate Plaza, which is located at 444 Brickell Avenue in Miami. The complex is now real estate-owned.

See the chart above for the 10 largest delinquencies in South Florida.