$32 Million New World Tower Loan In Default

Dec 14, 2011 No Comments by
The $32 million loan on the New World Tower, an office building in downtown Miami, was moved into special servicing, according to Fitch Ratings.

Fitch said the commercial mortgage backed securities loan is in “imminent maturity default.”

Master servicer Midland Loan Services had been the loan’s servicer. It has been transferred to special servicer CT Investment Management.

The owner of the 279,091-square-foot, 30-story tower is a partnership between Miami-based Panther Real Estate Partners and New York-based Westbrook Real Estate Partners.

The partners acquired the 45-year-old building at 100 Biscayne Blvd. in 2006, at the peak of the real estate market. The partnership, named 100 NWT FEE OWNER LLC, paid $60.4 million and obtained the loan to make the purchase. The property is now assessed at $44 million, according to the Miami-Dade property records.

The CMBS loan — with a 2009 maturity date — had three one-year extension provisions.

Source:  DBR

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