Report: Fla. ranks No. 3 for financially distressed projects - South Florida Business Journal:

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The region has 232 known troubled assets, representingt $6.3 billion in problematic the RCA data showec That is less thanthe $9.2 billion in troublefd properties in metropolitan New York City and $8.1 billio n in greater Las Vegas. RCA has identifierd $86.8 billion in trouble assets nationwide. Souty Florida’s mounting pile of troubled assets is larger than the metropolitan areaxs ofLos Angeles, with $5.8 billion: $3.5 billion; Phoenix, $3.1 billion; San Francisco, $2.7 Dallas, $2.1 billion; $2 billion; and Atlanta, $1.7 billion. “There is no questiob that Florida has been veryheavily hit, mainluy due to oversupply issues,” said Dan Fasulo, RCA’d managing director.
“There has certainly been a plethorz offailed developments.” Trump International Hoteol and Tower in Fort Paramount Bay in Miami and the Shops at Sunsegt Place in South Miami are among the most recenyt projects that RCA has addedf to its Troubled Assets Radar which will now be issued RCA also listed Mint at Riverfront, but developer Inigpo Ardid, VP of Development at Key International, said the projecf is not in distress. The loan doesn'rt mature until late this year, Ardid said.
To be Fasulo said, a project has to be at some levelp of default onits “It doesn’t mean that at some pointy they won’t work it out, but we have hard evidenc that a development is in trouble,” he , the lender on the Trump, Mint and Paramoun Bay projects, disclosed earlier this month that nearly all of its $1.1 billion in loans to South Florida projectse were impaired. The Shopxs at Sunset Place is the latest retaikl centerto surface, gulping for financial air. On Apri 14, , acting as a trustee for a commerciall mortgage-backed securities fund, filed a foreclosure lawsuit against the Simon-run Palm Beach Mall over a $55.5 million leasehold mortgage.
RCA identifies Sunset Placer as being past due on amaturing $74.7 millionn CMBS loan. Simon spokesman Les Morris did not returb phone callsseeking comment. “Obviously, the economy has affected the retailk spender inthis country,” Fasulo “That was going to trickle down and affect the tenantsw and, eventually, the owners.”