A retail building in the Miami Design District that’s occupied by clothing retailer Theory has been targeted in a $5.4 million foreclosure lawsuit.
Wilmington Trust, on behalf of a commercial mortgage-backed securities (CMBS) trust, filed a foreclosure complaint Dec. 18 against Miami DD 101 Blue LLC. It concerns the 4,958-square-foot retail building at 101 N.E. 40th St.
Miami DD 101 Blue took out a $5.3 million mortgage on the property in 2015 and boosted it to $5.4 million in 2019. According to the complaint, the borrower went into default by failing to make payments starting May 11, 2020, and owes $5.4 million in principal, plus interest.
On Jan. 20, Miami-Dade County Circuit Court Judge Samantha Ruiz Cohen issued an order giving the borrower until March 23 to show cause as to why a final judgment of foreclosure should not be issued.