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

TRD 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
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

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

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

arrow_forward_ios
Loading...