Douglas Entrance Ranks #1…But Not In A Good Way
The Douglas Entrance office complex in Coral Gables is the largest delinquent office property in South Florida at $102.5 million, according to data prepared for The Real Deal by analytics firm Trepp. Its loan matured May 5, 2009, and is now considered non-performing beyond maturity.
Douglas Entrance noses out tops Rivergate Plaza as the largest delinquent office loan. Rivergate Plaza, which is located at 444 Brickell Avenue in Miami, is real estate-owned, or an REO and was previously the largest such office loan. Douglas Entrance, which is located at 800-806 South Douglas Road, is now 60 days delinquent on its loan, which has a maturity date of Apr. 8, 2012.
The data from Trepp looks at loans of $1 million or greater that are 60 days or more delinquent.
Of 96 total properties meeting those criteria, 27 are office properties, 26 are retail properties and five are hotels.
Much of the list is dominated by properties in either Miami-Dade or Palm Beach counties, with much of Broward’s delinquency on smaller-sized loans.
The largest delinquent loan in Broward is the $26.5 million loan on the Nortel Networks Building at 1500 Concord Terrace. Each of the remaining Broward loans on the list is $14.1 million or less.
The total value of the 96 delinquent loans is $1.5 billion.
Source: The Real Deal
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