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