Southland Mall, 20505 South Dixie Highway in Cutler Bay with Tom Hall of JLL and Danny Finkle (Google Maps, JLL)

A $ 65 million CMBS loan on Southland Mall in Cutler Bay is being purchased, after its former owner defaulted earlier this year.

JLL markets the loan, which is linked to the 990,000 square foot indoor mall located at 20505 South Dixie Highway. The mall’s former owner, Investcorp, defaulted in April and handed over the keys to its CMBS lenders this summer. The mall is currently in foreclosure and a the receiver was appointed by a judge of the Miami-Dade Circuit Court.

The loan is structured for a two-year term with three one-year extension options, according to a press release. The JLL Capital Markets team representing the seller includes Tom Hall and Danny Finkle.

“We expect a significant increase in transaction volume in the first half of next year,” Hall said. The real deal. “Smart salespeople are getting ahead of this wave.”

Hall said JLL does not have an asking price, but he does not view the property as being in distress due to the potential for redevelopment and the mall being in an area of ​​opportunity.

Investcorp in default of payment in April, causing foreclosure action by Wells Fargo as representative of CMBS investors.

CMBS-backed loans can be more difficult and longer to modify, without refinancing or additional debt authorized.

In April, the South Florida retail market had an outstanding CMBS loan balance of $ 6.3 billion, according to data provided by Trepp. It was the third-highest CMBS exposure of any metropolitan statistical area after New York and Los Angeles.

The commercial mortgage-backed securities ready for another mall, 317,513 square feet Westfield Broward Shopping Center, at 8000 West Broward Boulevard in Plantation, entered special service in June.

Twenty-five percent of all hotel CMBS loans and approximately 17 percent of all retail CMBS loans were managed by special services by the end of August, according to Trepp.


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