South Florida’s top distressed properties
From left: The Gallery at Cocowalk on Grand Avenue in Coconut Grove; Palm Beach Gardens Marriott on RCA Boulevard in Palm Beach Gardens; the Shore Club on Collins Avenue in Miami Beach
From the South Florida Web site: It’s not just the South Florida residential market feeling the pain.
Some of the region’s most high-profile developments, from office buildings to hotels to shopping malls, are 60 or 90 days past due on their mortgages, putting them in the same sinking boat as scores of underwater South Florida homeowners.
As of March 31, the Shore Club on Collins Avenue in Miami Beach was three months behind on its $111 million mortgage. Also 90 days late were: The Gallery at Cocowalk on Grand Avenue in Coconut Grove, which owes $79 million; Palm Beach Gardens Marriott on RCA Boulevard in Palm Beach Gardens, $50 million; Shoppes of Wellington Green at 10500 Forest Hill Boulevard in Wellington, $31 million; Southpark Centre on South Dixie Highway in Pinecrest, $18 million (see chart of the top 10 delinquent CMBS deals here).
A spokesperson for the Morgans Hotel Group, which manages the Shore Club, called the delinquency an issue between the owner and loan servicer that doesn’t impact the hotel’s operation. The Shore Club is owned by the New York-based Philips International, which also owns the Bryant Park Hotel, and could not be reached for comment.