Southland Mall’s Troubled $65M CMBS Loan For Sale

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

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

JLL is marketing the $65 million commercial mortgage-backed securities loan that the former owner of Southland Mall in Cutler Bay defaulted on earlier this year.

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

The loan is structured with 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 predict a significant uptick in transaction volume in the first half of next year,” Hall told The Real Deal

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One Seaport Construction Loan For Sale

161 Maiden Lane and Fortis CEO Jonathan Landau (Google Maps; Fortis)

161 Maiden Lane and Fortis CEO Jonathan Landau (Google Maps; Fortis)

A $120 million non-performing construction loan tied to Fortis’ One Seaport condo in the Financial District is up for sale.

Newmark Knight Frank is marketing the construction loan originated by Bank Leumi USA. Investors can purchase the loan, which is “secured by the fee simple interest” of the 98-unit condominium building at 161 Maiden Lane, according to marketing materials.

About $90 million of the $120 million of the construction loan has been funded, according to the brochure.

The sale is another sign of trouble at the 60-story building, which has been under construction since 2016. It’s been at the center of litigation between the developer Fortis and its contractor Pizzarotti over a “slight misalignment” that resulted in the tower leaning three inches to the north.

In 2017, a construction worker died after falling from the 29th floor of the

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Hunt Real Estate Capital Provides $27 Million Fannie Mae Loan to Refinance a Newly-Built Multifamily Community in Hialeah, FL

NEW YORK, Sept. 30, 2020 /PRNewswire/ — Hunt Real Estate Capital, a division of ORIX Real Estate Capital, announced that it has provided a $27 million Fannie Mae DUS® Conventional Multifamily loan to refinance construction debt for Las Vistas at Amelia, a 174-unit apartment community in Miami-Dade county.

Built in 2020, Las Vistas at Amelia is a workforce housing community designed to attract young professionals. The two-bedroom, two-bathroom apartments feature a modern design with ceramic tile flooring throughout, granite countertops in the kitchen and bathrooms, and state-of-the-art hurricane impact windows.

Located in Hialeah, Florida, the property quickly leased up post-construction, demonstrating its strong appeal to the community.

“Las Vistas at Amelia is a high-quality workforce housing community that plays an important role in the city of Hialeah by providing safe, first-rate housing for its residents,” said Marc Suarez, director with Hunt.

The $27 million loan

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BBVA USA launches milestone green commercial real estate loan throughout its footprint

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HOUSTON, Sept. 17, 2020 /PRNewswire via COMTEX/ —
HOUSTON, Sept. 17, 2020 /PRNewswire/ — BBVA USA has launched a sustainability-focused commercial real estate loan for clients across its footprint, marking a milestone in the bank’s new 5-year strategic plan implemented in January 2020. 

The loan is designed to help small business owners with closing costs related to the purchase of commercial real estate, provided the property meets certain environmental sustainability standards. The loan is another step the bank is taking in support of the second pillar of its strategic plan – focusing on aligning business efforts with economic, social and environmental sustainability.

“This product underscores both the economic and environmental concepts of the bank’s strategic plan,” said BBVA USA Small- to Medium-Enterprises Network Executive Elizabeth Dobers. “It helps small business owners build their business portfolio with savings

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Commercial Real Estate Loan Definition

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