Fitch Ratings has downgraded a pool of loans, including a loan at office complex Douglas Entrance, comprised of five office buildings of about 470,000 square feet at 800 South Douglas Road in Coral Gables. The loan was transferred to special servicing in April 2010, based on an eminent default, Fitch said. Chicago-based Transwestern Investment owns those properties.
The loan is current following a modification in June 2011, which included an extension until April 2014. As of December 2011, the properties were about 75 percent occupied, with an average rental income of $27.75 a square foot. The average vacancy for the Coral Gables submarket however is 10.5 percent and current market rents are $36 a square foot, according to REIS.
Transwestern officials were not available for comment.