Daily Business Review

The loan is collateralized by the 756,471-square-3foot mixed-use development consisting of a 626,012-square-foot, open-air shopping center, a 54-unit multifamily component and 56 loft-style office spaces totaling 72,556 square feet located above the ground level retail. Thus far, the property has not generated enough cash flow to cover the annual debt service.

The CityPlace mixed-use project opened in October 2000 to great fanfare after years of being in the works. It was the centerpiece of downtown West Palm Beach's renaissance. Over 20 years ago, when the city first contemplated redeveloping the area, it was filled with rundown housing and was crime-ridden. Today, it is almost a city within a city full of upscale housing, class A office space and entertainment.

Anchors of CityPlace include an 110,00-square-foot Macy's and a 92,000-square-foot Muvico Theater, which own their own spaces. Other major tenants include a Barnes & Noble bookstore, a Publix grocery store and a Ruth's Chris Steakhouse.