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Gateway At Wynwood Heads To Foreclosure

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Three years after completing Gateway at Wynwood, R&B Realty could lose the 14-story mixed-use building at a foreclosure sale set for next month.

On May 28, Miami-Dade Circuit Court Judge Pedro Echarte Jr. granted final judgment in favor of Wilmington Trust NA as trustee for Boise-based A10 Capital, court records show.

Two months ago, Wilmington Trust filed a foreclosure complaint against the R&B affiliate that owns Gateway at Wynwood at 2916 North Miami Avenue. The lawsuit alleges that New York-based R&B defaulted on two loans by failing to make monthly payments since December.

As of last week, R&B allegedly owes $111.9 million in principal, interest and fees, Echarte’s order states. Aron Rosenberg, R&B’s CEO, did not respond to an email request for comment, and attorneys for Wilmington Trust declined comment.

The foreclosure auction is set for July 2, court records show.

Gateway at Wynwood is among a handful of new office buildings with ground-floor retail that opened in the trendy neighborhood in recent years. When the 220,000-square-foot building was completed in 2021, R&B ramped up office and retail leasing at Gateway at Wynwood over the following year. The tenant roster includes tech start-up OpenStore, crypto company Ripple, brokerage Marcus & Millichap, biopharmaceutical company Veru, and coworking provider Mindspace.

But roughly 59,000 square feet, including the entire 12th floor, remains vacant. Its street-level ground-floor spaces are plastered with advertising to attract potential tenants.

The neighborhood, which is still going through a development boom that is adding thousands of new apartments, condo units and hotel rooms, has roughly 760,000 square feet of available office space, CoStar data shows. Nearly half of the available square footage is under construction, including a planned 12-story building with 250,000 square feet of office that is part of the Wynwood Plaza project adjacent to Gateway at Wynwood.


Source:  The Real Deal


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Lincoln Road Retail Building Targeted In Foreclosure

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A 24,259-square-foot retail building on South Beach’s famed Lincoln Road at 318-334 Lincoln Road has been targeted in a $15.13 million foreclosure lawsuit.

Wilmington Trust, as trustee for a securitized mortgage trust, filed a foreclosure complaint on Jan. 30 against 318 Lincoln LLC.

The borrower, RFR Holding Corp., acquired the property for $20.5 million in 2019 and obtained a $17 million mortgage that was securitized as part of a mortgage trust. According to the lawsuit, 318 Lincoln LLC defaulted on the loan by missing payments in November and December 2023 and owes $15.13 million in principal, plus interest and fees.


Source:  SFBJ

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Retail Building In Miami Design District Faces $5M Foreclosure

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.


Source:  SFBJ

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