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<\/p>\nThe lender\u00a0to a fully entitled redevelopment site won\u00a0a bankruptcy auction for the property for a second time \u2014 this time for $18M more than its initial winning bid, which was voided by a judge.<\/p>\n
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\n Holiday Inn Port of Miami-Downtown at 340 Biscayne Blvd.\n <\/p>\n
The auction redo for 340 Biscayne Blvd. was\u00a0held Wednesday afternoon and ended after just 10 minutes of bidding between two parties. The lender,\u00a0Cirrus Real Estate Partners, made the opening $77M credit bid and traded off\u00a0with an unknown party in $5M increments before a \u201ccongratulations\u201d was called out when the price reached $95M.<\/p>\n
Officials with Cirrus didn’t immediately respond to a request for comment.<\/p>\n
Concierge Auctions led the auction, and Gabriel Flores with One Commercial, a subsidiary of One Sotheby’s International Realty,\u00a0was the listing agent.\u00a0<\/p>\n
\u201cWe are pleased that we were able to deliver a positive outcome for our client,” Concierge Auctions CEO and co-founder Chad Roffers said in a statement.<\/p>\n
The site today is occupied by the Holiday Inn Port of Miami-Downtown, built in 1950,\u00a0but it is fully entitled for 374 residential units, 120 hotel rooms, commercial and office space, and 500 parking spaces. The 82-story, nearly 1M SF project\u00a0has been dubbed Regalia on the Bay.<\/p>\n
The 100-room\u00a0Holiday Inn is expected to close within 45 days of the sale being finalized, according to a layoff notice reported this week by the South Florida Business Journal<\/a>. Sixty-six hotel employees are expected to lose their jobs.<\/p>\n Entities affiliated with\u00a0Brazilian investor and developer Gilberto Bomeny purchased the hotel in 2015 for $65M, according to public records. The site is directly north of the under-construction Waldorf Astoria Hotel & Residences Miami<\/a>, set to be Florida’s tallest building.<\/p>\n Cirrus provided a $70M loan to Bomeny in 2023, renewing a $62.6M loan and tacking on new debt of $7.4M, The Real Deal reported<\/a>.\u00a0But Bomeny defaulted, and the\u00a0lender issued a UCC notice<\/a>\u00a0for a foreclosure auction for BH Downtown Miami LLC, the entity that owns 340 Biscayne Owner LLC, both of which are affiliated with Bomeny.<\/p>\n To stave off the foreclosure, Bomeny placed two LLCs into Chapter 11 bankruptcy protection at the end of 2024. A bankruptcy\u00a0judge\u00a0approved\u00a0a public sale of the property to satisfy the loan, and an auction was scheduled for Dec. 17\u00a0with a $175M listing price<\/a>.\u00a0\u00a0<\/p>\n Cirrus won\u00a0that sale\u00a0with\u00a0a $77M credit bid, but an attorney\u00a0for the bankrupt entities objected to the process, arguing that technical difficulties and a miscommunication on when the auction started kept bidders from entering the auction, the\u00a0South Florida Business Journal reported<\/a>. There were no other bids.<\/p>\n