The Real Deal Miami

CityPlace leads SF’s biggest delinquent loans

By Alexander Britell | September 07, 2011 05:38PM

CityPlace

The loan on West Palm Beach’s CityPlace, which was recently named in a foreclosure suit, is the largest delinquent CMBS loan in South Florida through August, at $150 million, according to data from analytics firm Trepp (see data set below).

Miami Beach’s Shore Club hotel which is located at 1901 Collins Avenue, is ranked second, with a $107.5 million loan that is already in foreclosure.

The top 10 delinquent loans in the tri-county area for the month of August were worth just under $660 million, with those 10 properties located in either Miami-Dade or Palm Beach counties.

The largest delinquent loan in Broward County is a $26.6 million loan on the Jacaranda Plaza, a mall at 1035-1051 South State Road 7 in Plantation, which is more than 90 days delinquent.

The Fort Lauderdale Marina Marriott had reached 90 days delinquency on its $59.4 million loan in July, but it secured an extension and is now current. Similarly, the Palm Beach Gardens Marriott, which had ranked among the largest delinquent loans in the region for some time, saw its loan liquidated for a 63 percent loss at the beginning of April, according to Trepp.

Of 90 South Florida properties with delinquent loans of $1.8 million or more, 27 were office properties, 29 were retail properties and 10 were mixed-use. There were also six hotels on the list, along with five multi-family sites.

Among office properties, the largest delinquent loan is that of Coral Gables’ Douglas Entrance project, which is currently real estate-owned after defaulting on a $58.5 million loan.

In South Florida last month, 11.1 percent of the total delinquent commercial loan balance in South Florida consisted of properties that were 30 or more days delinquent, a drop from 12.2 percent in July.

The August figure represents a 6.7 percent increase from the same period in 2010.

The national rate for such commercial properties was 9.52 percent last month, according to Trepp.

Source: Trepp