Almost $40B in CMBS was exposed to Hurricane Irma in Florida: report

Exposure in Miami was $6.41B, according to Morningstar

Pinellas County Sheriff's Office
Pinellas County Sheriff's Office

Just under $40 billion of CMBS debt was exposed to the wrath of Hurricane Irma in Florida, $6.41 billion of which was concentrated in Miami, according to an analysis from Morningstar Credit Ratings.

FEMA has not posted a formal disaster declaration for the storm yet, but Morningstar’s initial analysis found that it exposed $38.94 billion worth of CMBS in the state. About $6.46 billion of exposure was estimated in Orlando, $6.01 billion in Tampa, $4.32 billion in Fort Lauderdale, $3.9 billion in West Palm Beach, $3.2 billion in Jacksonville and $1.28 billion in Sarasota-Bradenton-Venice.

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Although the storm avoided hitting Miami-Dade and Broward counties directly, the damage to Miami was still immense. Major streets like Brickell Avenue and Biscayne Boulevard flooded, and the roof was ripped off a two-story apartment building on NE 5th Avenue.

Multiple cranes collapsed during the storm as well. Two were in Miami—one at the 30-story luxury residential building at 300 Biscayne Boulevard from Property Markets Group and one at the GranParaiso condo tower from Related Group on Northeast 31st Street—and one was in Fort Lauderdale by Related’s condo at Auberge Beach Residence and Spa.