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
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