The Design Center of the Americas is now in special servicing on its $176.7 million loan, according to data from analytics firm Trepp.
The property, which is located at 1855 Griffin Road in Dania, is current on the loan, however. The Class B office building is currently listed as having 290,000 square feet available for lease out of a total of 734,225 square feet, according to data from LoopNet.
It joins the National Hotel in South Beach, which entered special servicing on its $28.9 million mortgage last month.
South Florida’s largest delinquent loan remains CityPlace in West Palm Beach, which is in foreclosure on a $150 million loan. CityPlace is followed by the Southland Mall in southern Miami-Dade County, which is non-performing beyond maturity on a $120.5 million loan.
Trepp data records properties that are 60 days or more delinquent on commercial loans with balances of $1 million or more. There were a total of 89 properties that met those criteria in February, totaling $1.37 million in delinquent loans.
The 10 largest delinquent loans in February consist entirely of properties in Miami-Dade and Palm Beach counties; the largest delinquent commercial loan in Broward County is the Preferred Exchange Tower in Coral Springs, which is more than 90 days delinquent on a $23.7 million loan.
There were a total of 28 retail properties on the list last month, along with 24 office properties and seven mixed-use sites.
Several properties managed to make their way off the list: the IBM Building in Boca Raton, which had been 60 days delinquent in January, is now listed as current on its $20.5 million loan. Additionally, the Rio Apartments in Miami, which was in foreclosure in January, is now listed as current on its $9.9 million loan.
Last month, Wellington’s Shoppes on the Greene left the delinquent list, after going more than 60 days delinquent on its $14.65 million loan.
The total balance of loans 30 days or more delinquent in South Florida was $12.7 billion in February, a rate of 12.6 percent of all commercial loans. That marked a 2.6 percentage-point increase from January. Nationally, the delinquency rate was 9.37 percent in February.