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

TRD MIAMI /
Dec.December 01, 2018 10:40 AM

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


Related Articles

arrow_forward_ios
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

Charles Cohen, Design Center of the Americas

DCOTA refinances, avoids foreclosure

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

Rendering of Sailboat Bend II

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

arrow_forward_ios
Loading...