Special servicing applied to $67.5M loan secured by Southland Mall in Cutler Bay

The borrower opted for three 12-month extensions of the loan's maturity date, which has been extended to May 2019 from May 2016

Miami /
Oct.October 21, 2018 02:00 PM

Southland Mall in Cutler Bay

A $67.5 million loan secured by the Southland Mall in Cutler Bay was transferred to special servicing, according to Trepp, a data bank for the commercial real estate industry.

The loan was scheduled to mature in May 2016 but provided options for three 12-month extensions of the maturity date.

The borrower has exercised all three options to extend the maturity date, which is now May 2019.

Built in 1972 and renovated in 2005, Southland Mall spans 984,783 square feet, including 660,736 square feet that serves as collateral for the loan.

The largest tenants at the Cutler Bay mall include Kmart (18.2 percent of the net rentable area), JCPenney (12.3 percent), Regal Cinemas (10.7 percent), TJ Maxx (5.4 percent) and LA Fitness (4.8 percent).

Sears and Macy’s are anchor tenants of the regional mall, but their stores are separately owned and not part of the mall’s collateralized space. – Mike Seemuth


Related Articles

arrow_forward_ios
Photo courtesy of David Iglesias

Boca Beach House condo project scores $43M construction loan

Boca Beach House condo project scores $43M construction loan
Nick Rojo and Jeff Burns (Affiliated, iStock)

Affiliated Development launches $125M workforce housing fund

Affiliated Development launches $125M workforce housing fund
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
Triton Center (iStock)

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Michael S. Liebowitz and Russell Galbut (Linkedin)

Russell Galbut and partner launch blank check company, plan to raise $100M

Russell Galbut and partner launch blank check company, plan to raise $100M
Southland Mall, 20505 South Dixie Highway in Cutler Bay with JLL's Tom Hall and Danny Finkle (Google Maps, JLL)

Southland Mall’s troubled $65M CMBS loan for sale

Southland Mall’s troubled $65M CMBS loan for sale
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
Yard 8 and Wood Partners CEO Joseph Keough (Courtesy of ACRE)

Wood Partners lands $86M refi for Midtown Miami apartments

Wood Partners lands $86M refi for Midtown Miami apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...