Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Error
  • JUser: :_load: Unable to load user with ID: 65
Wednesday, 10 November 2010

Capmark Offers Nonperforming Debt on Miami Mixed-Use Project

Written by 
Rate this item
(0 votes)

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

weekly-call-to-action

“The Weekly”

“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:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

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

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

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

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

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

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage