Cirrus wins distressed downtown Miami development site with $77M credit bid
Cirrus Real Estate won a bankruptcy auction for a distressed downtown Miami redevelopment site with a $77 million credit bid. An affiliate of New York-based Cirrus, led by Joseph McDonnell, topped other offers during a live sale last week conducted by Sotheby’s Concierge Auctions, court records show. Bidding opened earlier this month with a $72 million bid. The reserve bid was $70 million, a spokesperson for the real estate auction house said. A Miami federal bankruptcy court hearing to finalize the sale is set for Jan. 9. The site at 340 Biscayne Boulevard, home to the 200-key Holiday Inn Port […]This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
From train travel to staycations: How holidaymakers are adapting to airlines' jet fuel shortage
Kennedy Heiress Lists Hyannis Port Home for $1.6 Million After Failed ‘Dream’ of Continuing Family’s Cape Cod Legacy
Housing Market Silver Linings: Why Homebuyers Are Finding Relief Despite ‘Inflation Contagion’
The Preakness Moves to a New Home: Historic Baltimore Horse Race Relocates for First Time in 117 Years
2027 COLA Could Hit 3.9%— Why Seniors Are Still Falling Behind as Housing Costs Explode
Momentum MLS adds Rayse as member benefit
Miamians sue to stop Trump presidential library in downtown Miami, again
How loan officers are saving deals as mortgage rates cross 6.6%
Arbor Homes’ low-$200s Arrival Series battles the affordability gap
MIAMI and RWorld merger targets unified MLS data and tools
GET MORE INFORMATION
Stevan Stanisic
Real Estate Advisor | License ID: SL3518131
Real Estate Advisor License ID: SL3518131