Do-over costs Cirrus $18M over previous win in bankruptcy auction
Cirrus Real Estate Partners won the do-over bankruptcy auction for a distressed downtown Miami development site, only this time it will pony up $18 million more than its previous winning bid. New York-based Cirrus, the lender on the nearly 1-acre property at 340 Biscayne Boulevard, made the opening $77 million credit bid Wednesday and competed with an unknown bidder in $5 million increments, with Cirrus ultimately winning at $95 million, Bisnow reported. Concierge Auctions held the second auction after Brazilian developer Gilberto Bomeny’s legal complaint got Cirrus’ initial win tossed. Gabriel Flores of One Commercial, a subsidiary of One Sotheby’s […]This article originally appeared on The Real Deal. Click here to read the full story.
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