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CocoWalk in Default on $79M Loan

"The CocoWalk retail center in Coconut Grove, FL, is reportedly at least three-months behind on payments to CWCapital.

CWCapital, who services the defaulted $79 million dollar loan, has already rejected two workout proposals. While moving forward toward foreclosure, the loan service company is weighing a third proposal to modify the loan for owner PMAT Real Estate Investments of Mandeville, LA.

The four-level, 196,492-square-foot lifestyle center at 3015 Grand Ave. was built in 1990. It is more than 85 percent leased to well-known tenants such as Muvico Premier Theater, The Gap, Maui Nix Surf shop, The Cheesecake Factory and Chili’s."

Interesting read. The original article can be found here.

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