IBM Building joins list of South Florida’s delinquent commercial loans

A notable addition to the list of South Florida’s delinquent commercial properties is the IBM Building in Boca Raton, which was current in October but is now listed as nonperforming beyond maturity on a $20.5 million loan (note: correction appended)

Related’s CityPlace, which went into foreclosure in September, still has the largest delinquent property loan in South Florida at $150 million, according to data from analytics from Trepp.

Following CityPlace is the Shore Club hotel in Miami Beach, which is currently nonperforming beyond maturity on a $107 million loan.

Trepp’s analysis look at properties in South Florida loans over $1 million that are 60 days or more delinquent as of the end of last month.

The largest delinquent office property is Brickell’s Rivergate Plaza, which is currently real estate-owned with a $58.5 million outstanding loan balance.

The list is dominated by retail properties, with 26 sites more than 60 days delinquent on their loans.

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There are 22 office properties similarly delinquent, in addition to eight mixed-use and seven multi-family sites.

CityPlace has topped the list since June, when it supplanted the troubled Biscayne Landing site in North Miami. That property has since gone off the list following a complete write-down of its loan.

The total balance of delinquent commercial loans in South Florida stands at just over $13 billion, although the rate of delinquency fell to 9.4 percent, the lowest in more than a year.

The Cascades multi-family property in West Palm Beach also left the list, after its $38.4 million loan was liquidated last month at a 96.4 percent loss severity.

Correction: a picture initially run
with this article showed the Boca Corporate Center and Campus, which is
not the IBM Building referenced in the article.