Coastal Tower, a 12-story office tower at 2400 E. Commercial Blvd. in Fort Lauderdale. Photo: J. Albert Diaz
Banks held 40 percent of the commercial real estate debt in 2017 nationally, but South Florida borrowers increasingly are turning to alternative lenders for more flexible terms.
September 24, 2018 at 06:00 AM
1 minute read
South Florida real estate reporter
Developer Graham Cos. wanted to have more time than the typical 10 years to repay a $120 million loan. Property manager Cardinal Point Management LLC wanted to work with a flexible lender who can provide low interest for a $41 million loan. And Vutec Corp. wanted a lender willing to issue $3.3 million after the electronics company filed for bankruptcy protection.
They all turned to alternative lenders rather than more heavily regulated banks.
Phillip S. Sosnow.
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