LNR Property Corp. plans to offer $1 billion in small-balance commercial mortgage-based securities (CMBS) loans, and Miami-based commercial investment house Steelbridge Capital is among the interested buyers.
The commercial lending crisis has caught up with Las Olas Centre, one of downtown Fort Lauderdale’s marquis office properties-which set a record at the height of the real estate boom as the priciest in South Florida.
Institutions that own commercial real estate prefer to outsource property management, local brokers say, and are expecting companies in trimming expenses.
While the residential real estate market suffered in 2006, commercial property surged in comparison.
With the sale of Doral Corporate Center, Florida Office Property Co. has nearly finished divesting its South Florida properties.