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Commercial loan delinquencies fall by half in Metro Orlando

Eola Park Center, an office building at 200 E. Robinson St., in downtown Orlando, landed on Trepp's April report of delinquent commercial real estate.
Eola Park Center, an office building at 200 E. Robinson St., in downtown Orlando, landed on Trepp's April report of delinquent commercial real estate. (Frank Rivera)

The loan delinquency rate for commercial real estate properties has fallen by nearly half in the Orlando region in the last year, pushing it lower than the national average, according to Trepp LLC, which tracks data for commercial mortgage-backed securities, commercial real estate, and banking industries.

The Orlando Metro area's commercial real estate delinquency rate in April was 3.86 percent, compared to 7.44 percent in April 2014. The national rate in April was 5.57 percent, said Sean Barrie, a research analyst at Trepp.

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Trepp's April report of Orlando delinquencies listed 15 properties. Here are the top three:

Victoria Place Apartments at 12612 Victoria Place Circle in Orlando had the largest loan balance of the 15 properties on the list at $44.18 million and is described as real estate owned (REO), which Barrie said is properties where the lender has taken back ownership from the borrower and is holding the property on its books. The owner is listed as CW Capital Asset Management, which did not return GrowthSpotter's phone call for more information on the property.

The Orange County Property Appraiser lists the Waterford Lakes complex's market value in 2014 as $36.11 million. There was an unqualified sale in 2011 for $20,100, and a sale before the property was developed in 2001 was $2.98 million.

Eola Park Center, at 200 E. Robinson St., had the next highest loan balance at $27.65 million and was delinquent for more than 90 days. The Orange County Property Appraiser lists the assessed value of the 61,195-square-foot office tower on Lake Eola Park at $15.1 million. The last sale of the building listed in records was in May of 2007 for $33 million. Its owner is listed as Highwoods Dlf Eola LLC and the loans is more than 90 days delinquent, according to Trepp's.

Semoran North Apartments in Winter Park at 1743 Semoran Circle is the third largest loan balance at $21.5 million. The Seminole County Property Appraiser lists its market value at $15.9 million. It sold last in 2007 for $24 million. The owner is also listed as CW Capital Asset Management. It is also categorized as an REO.

Trepp uses data reported by mortgage backed securities for its monthly report. The information is based on information generally available to the public from sources believed to be reliable, Trepp said.

tburney@growthspotter.com or 407-420 6261

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