Thursday, January 20, 2011
Hot Downtown Nashville/Miami Offices For Sale
LNR is foreclosing on the Concourse Towers in Miami and the Regions Center in Nashville, collateral for the $70mm FRI Portfolio mortgage in BACM 2005-3.
There had been forbearance negotiations in place a few months ago, but the loan matured in May 2010 and the properties were subsequently jointly appraised at just $36.025mm.
The troubles are two fold. In Nashville an attorney vacated roughly a quarter of the space. The servicer notes indicate that there was some potential for Regions to take that space themselves and another tenant that was interested in 225k sf, but it's not clear if either happened. The DSCR as-is is 0.92x - This sounds like a good fixer-upper for someone.
In Miami, Colonial Bank occupied 8.73% of that property. It wasn't really clear what the status was though based on some cursory googling.