The Real Deal Miami

DCOTA loan sent back to special servicing ahead of maturity date in February

The maturity date of the CMBS loan secured by the Design Center of the Americas in Dania Beach has been extended twice
December 01, 2018 10:40AM

Design Center of the Americas

A $172.9 million loan secured by the Design Center of the Americas (DCOTA) in Dania Beach has been sent back to special servicing ahead of its extended maturity date in February.

DCOTA, located just south of Fort Lauderdale-Hollywood International Airport, is a 782,986-square-foot property at 1855 Griffin Road that serves as collateral for the loan in the form of commercial mortgage-backed securities (CMBS).

Built as an interior design showroom, DCOTA was converted to general office use after some of the firms that sold furniture, kitchen products and bathroom products there vacated the property.

The property’s owner, Cohen Brothers Realty Corporation, has leased 100,000 square feet of DCOTA as the headquarters of online retailer Chewy.com.

In 2012, the CMBS loan on the property went into special servicing, and terms of the loan were modified.

The modifications trimmed the loan’s interest rate and extended its maturity date for a two-year term that ended in August 2017, when the borrower exercised one of two options to extend the maturity date for 18 months to February 2019. [Trepp Wire]Mike Seemuth