CityPlace leads SF delinquent loans

The $150 million loan on CityPlace in West Palm Beach is the largest delinquent commercial property loan in South Florida, according to data released today by analytics firm Trepp covering the period through September.

CityPlace topped the list for the second month in a row after Miami Beach-based LNR filed a foreclosure action on the massive development.

Earlier this month, it was reported that payments on the loan actually stopped in April. The foreclosure action means Related Companies Chairman Stephen Ross, who controls the company, could lose the property.

Second on the list is the Shore Club hotel in Miami Beach, which has a total balance of $107.4 million and is already in foreclosure.

The Douglas Entrance office complex in Coral Gables is the largest delinquent office loan in South Florida, with a balance of $101.5 million.

Of 95 properties in South Florida with a delinquent loan balance of more than $1 million, 30 are retail properties and 28 are office properties. Nine are multi-family properties and seven are hotel properties.

There are 33 properties on the list that are already in foreclosure.

The proportion of loans in South Florida that are 30 days or more delinquent grew by 50 basis points in September, compared to a 4-basis point rise nationally.

The total balance of delinquent commercial loans in South Florida is $13.2 billion, according to Trepp.

Four properties that had been on the list in August made their way off, however. The Village Royale Shopping Center in Royal Palm Beach paid off the remainder of its $6.3 million balance, as did Davie’s University Office Park on its $3.14 million loan. The loan on the J3 Executive Centre in Delray Beach was liquidated at a 46.7 percent loss, and the 4300 North University property had been listed as a foreclosure, but is now listed as current, working toward a “full payoff.”

Source: Trepp