A development site in Miami’s Wynwood Arts District has been seized by a lender following a $29.8 million foreclosure judgment.
Gamma FL Wynwood LLC, in care of New York-based Gamma Real Estate, won the foreclosure auction in September against New York-based Wynwood Gateway II LLC based on a $23 million mortgage, plus interest and fees. The lender submitted the high bid of $250,100 at the Oct. 17 foreclosure auction by utilizing credit from its judgment. That means ownership of the 27,650-square-foot property, at 166 and 179 N.W. 29th St., plus 169 and 179 N.W. 28th St., will transfer to Gamma FL Wynwood.