South Florida's Top Distressed Properties
April 15, 2010
By: Luis F. Perez

It's not just the South Florida residential market feeling the pain.

Some of the region's most high-profile developments, from office buildings to hotels and shopping malls, are 60 or 90 days past due on their mortgages, putting them in the same sinking boat as scores of underwater South Florida homeowners. The Real Deal ranked the top 10 properties with the greatest amount of distressed CMBS debt (see chart below).  ...

... Bob Orban, senior vice president and branch manager at Studley in Miami, represents commercial tenants and keep tabs on those properties that are on the edge of delinquency.

Sometimes that means he goes directly to lenders to include a non-disturbance clause to protect his clients' leases if there is a foreclosure. Other times, Orban said, he has had clients who want to move out because landlords stop paying for regular maintenance.

In this market, Orban said, his biggest challenge often is gauging the financial wherewithal of the property owners. "We want to paint a very clear picture for our clients on how these numbers can impact tenancy in a property," he said.

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