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The lenders on the troubled Biscayne Landing mixed-use project in Northeast Miami-Dade County are seeking an all-cash buyer for their $167 million debt secured by a long-term lease on 190 acres of developable land located between U.S. 1 and the Intracoastal Waterway.
The lenders, a consortium led by a Credit Suisse First Boston commercial mortgage-backed securities fund, are asking for all offers to be submitted by March 8 in order for the assignment of the two mortgages to be completed within 30 days.
A quick closing is being sought as the debt is scheduled to be auctioned off through the Miami-Dade County court system's foreclosure process on April 6 as per a final summary judgment that was issued on Jan. 21.
"Some local developers are in a land acquisition mode right now if the pricing is really attractive," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "The challenge is predicting how long - months, years, or decades - the market will take to turn around enough to justify new construction. Prospects of a looming commercial real estate implosion are not helping the situation for sellers."
The Biscayne Landing note buyer stands to obtain the balance of a 200-year lease on 8.3 million square feet of land with development rights for nearly 6,000 residential units and 1.5 million square feet of commercial space.
The Biscayne Landing site is owned by the city of North Miami which entered into a lease in 2004 with Boca Developers, which obtained permission to build a master-planned community on the former Superfund site. Only two towers with a combined 373 condominium units have been built.
Few comparable transactions have occurred recently to provide insight as to what the Biscayne Landing site could trade for in today's market.
It is worth noting that there have been three land sales of development sites in Greater Downtown Miami in the last 60 days at prices between $53 and $159 per square foot, according to a recent CondoVultures.com report.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or view our Video Gallery. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ , Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and the First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
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