Here are the biggest “seriously” delinquent loans in South Florida: Trepp

Retail properties dominate the top 5 list

TRD MIAMI /
Apr.April 06, 2018 04:52 PM

(Credit: Wikimedia Commons)

Surprise! The biggest “seriously” delinquent commercial real estate loans in South Florida are for retail properties, a newly released report reveals.

At the top of the list is a $37.5 million mortgage for the Burlington-leased building at 10101 Southern Boulevard in West Palm Beach, according to the Trepp report, which shows the largest delinquent loans behind properties in the biggest markets across the U.S. Trepp considers seriously delinquent as 90 days or more past due.

Property records show 10101 Southern Boulevard Holdings LLC foreclosed on the building in 2016. The LLC is controlled by CW Capital in Bethesda, Maryland.

Next is the former Gander Mountain store at 100 Gander Way in Palm Beach Gardens, which has a balance of $13.8 million. The property was hit with a $14 million foreclosure suit against its owner, Gan Palm Beach Lessor Corp., earlier this year.

Gander Mountain, an outdoor and sporting goods retailer closed dozens of its stores nationwide over the summer, in an attempt to emerge from Chapter 11 bankruptcy. Its store in Palm Beach Gardens was one of them.

Here’s the full list of the five largest seriously delinquent loans:

  1. $37.5 million outstanding loan | Southern Center at 10101 Southern Boulevard in West Palm Beach | Maturity date: February 11, 2017
  2. $13.77 million outstanding loan | Gander Mountain at 100 Gander Way in Palm Beach Gardens | Maturity date: March 1, 2043
  3. $13.2 million outstanding loan | Home Depot Homestead on Southwest 137th Avenue in Homestead | Maturity date: June 1, 2017
  4. $6.5 million outstanding loan | PGA Commons at 5510-5540 PGA Boulevard in Palm Beach Gardens | Maturity date: July 11, 2013
  5. $4.8 million outstanding loan | JFK Medical Building at 4801 South Congress Avenue in Lake Worth | Maturity date: May 11, 2016

The real-estate owned and foreclosed properties show the fast declining state of retail in the country, where stores have shuttered and companies like Toys “R” Us filed for bankruptcy amid a changing market.

Trepp’s overall nationwide delinquency rate for commercial real estate loans in commercial mortgage-backed securities increased to 4.55 percent in March, marking the first time the rate increased since June.


Related Articles

arrow_forward_ios
These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

arrow_forward_ios
Loading...