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Wednesday, 10 November 2010

Capmark Offers Nonperforming Debt on Miami Mixed-Use Project

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Capmark Bank is offering for sale $160 million of nonperforming debt that's backed by the Omni Center and Hilton Downtown in Miami, a mixed-use complex with 1.5 million square feet.

It has tapped Jones Lang LaSalle to market the senior A-notes secured by a first mortgage on the 14-acre property at 1501, 1645 and 1701 Biscayne Blvd., just north of the city's central business district.

The owner, Argent Ventures, a value-add investor from New York, invested $66 million since 2007 developing the facility.

It built the complex's office and retail space on the site of the former Omni International Mall, refurbished a neighboring 528-room hotel and brought in Hilton Hotels to replace Radisson as its manager. The mixed-use complex also includes a parking garage with 2,700 spaces.

But it began the redevelopment work at the start of an economic downturn that's only showing mixed signs of recovery in Miami. For example, the Miami-Dade County hotel market's 72.3 percent occupancy rate last month was up from 60.3 percent a year ago, according to Smith Travel Research.

But the Miami-area office market vacancy rate stood at 23.9 percent in the third quarter as the absorption for the year amounted to just 30 basis points of the total inventory of space, according to Jones Lang LaSalle.

Argent ventured with Lehman Brothers Holdings to acquire the Omni International Mall for $33 million in 2000, according to a Miami Today story published July 26, 2007. The venture later acquired the rest of the mall and the neighboring Radisson hotel.

Argent subsequently paid Lehman $100 million to buy its stake in the assets after their venture scrapped plans to convert the mall into a facility for telecommunication companies.

Comments? E-mail John Covaleski or call him at (267) 247-0112, Ext. 208.

Copyright © 2010 Commercial Real Estate Direct www.crenews.com


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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Miami
  • States: Florida
  • Sector: Mixed-Use
  • Subject: Loan Offerings (LOAN), Mortgages/Financing (MOR)
  • Deal Name: Bear Stearns Commercial Mortgage Securities Trust, 2006-PWR12
Read 528 times Last modified on Monday, 13 June 2011

Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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