Preferred Exchange Tower
The Preferred Exchange Tower in Coral Springs, which is listed as more than 60 days delinquent on a $23.7 million loan, has joined the list of South Florida’s largest delinquent commercial loans, according to new data from analytics firm Trepp, looking at commercial loan delinquencies through the end of December.
The 203,056-square-foot tower is located at 3111 North University Drive in Coral Springs.
Meanwhile, the troubled CityPlace development in West Palm Beach has retained its top spot on the list.
Miami Dolphins owner and Related Chairman Stephen Ross did manage to negotiate a loan modification on the property last month that should lower the monthly payments on the debt.
There are a total of 85 commercial properties in South Florida that are more than 60 days delinquent on loan balances of $1 million or more. Of those, a 28 are retail properties. There are 23 office properties on the list, led by Brickell’s Rivergate Plaza, along with nine hotels and seven multi-family properties.
Remaining second on the list is the Shore Club hotel on Collins Avenue in Miami Beach, which is non-performing beyond maturity on a $108.8 million loan balance.
Also joining the list was Doral’s Amadeus Center, which is also listed as more than 60 days delinquent on a $16.5 million loan.
Last month, the IBM Building in Boca Raton was another notable newcomer to the list, and remained there in December.
Commercial loan delinquencies in the region total more than $1.2 billion, with a delinquency rate of 9.5 percent, just under the national average of 9.58 percent, according to the report.