Raoul Thomas’ financially embattled CGI Merchant sells co-working portfolio for $31M
Raoul Thomas’ financially floundering CGI Merchant Group sold its Nexus co-working portfolio for $31 million. Over the past two years, Miami-based CGI Merchant has faced debt woes on its properties and parted with most of its portfolio through either foreclosures or sales. Its troubles came amid elevated interest rates that have increased payments for floating-rate loans and made it difficult to refinance, plus skyrocketing insurance. In the most recent deal, CGI Merchant sold five office properties, three of which had a loan in special servicing due to delinquent debt payments, Morningstar Credit data shows. TMT Properties, a Coral Springs-based commercial […]This article originally appeared on The Real Deal. Click here to read the full story.
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