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Brickell-Area Office Building Slated For Bankruptcy Auction

A three-story office building near Miami’s Brickell Financial District has been scheduled for bankruptcy auction.

The 8,556-square-foot building, at 232 S.W. Eighth St., is owned by Miami-based CMG Capital LLC, which filed for Chapter 11 reorganization in U.S. Bankruptcy Court in February. That stayed a $2.65 million foreclosure judgment won by Elizon DB Transfer Agent LLC regarding a $1.85 million mortgage, plus interest and fees.

On Aug. 23, U.S. Bankruptcy Judge A. Jay Cristol approved CMG Capital’s motion to auction the office building. The auction will take place Sept. 28, with a hearing before the judge to approve the results the following day. Bids are due Sept. 24 and require a $360,000 deposit.

The approved stalking-horse bidder, with a $3.5 million bid, is Icon Medical Centers LLC, managed by Vincent M. Amodio and currently a tenant in the office building. Any competing bidders must offer at least $3.6 million.

The area is zoned for up to 24 stories.

 

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Foreclosure On Wynwood Building Resolved With $9.5 Million Deal

A foreclosure lawsuit over a commercial property in Miami’s Wynwood neighborhood has been resolved after a partial sale of the property and a new mortgage.

Elizon DB Transfer Agent LLC filed a foreclosure complaint in October 2020 against 2900 NW 1st Ave BSD LLC and loan guarantor Baruch Singer over an $8 million mortgage. The loan allegedly matured on Sept. 1, 2020, without being repaid.

The borrower owns the 14,442-square-foot commercial building at 2900 N.W. First Ave., apartment buildings of 2,053 and 1,642 square feet at 120 and 112 N.W. 30th St., along with the 28,309 square feet of land they are built on.

Recently, 2900 NW 1st Ave BSD LLC sold a 51% interest in the property for $9.5 million to Big Fan LLC, managed by Douglas Levine in Miami Beach, according to county records. JPMorgan Chase Bank then provided an $11.5 million mortgage on the property, with both owners listed as borrowers.

Elizon DB Transfer Agent withdrew the foreclosure lawsuit and filed notice with the county that the $8 million mortgage was fully repaid.

 

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