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.