R&B Realty officially loses Gateway at Wynwood
R&B Realty's attempt to retain ownership of Gateway at Wynwood has failed, with two affiliates unable to refinance a delinquent mortgage and the project being acquired by Cire Equity.
MIAMI, FL - In a stunning turn of events, R&B Realty's last-ditch effort to hold onto Gateway at Wynwood has officially failed. The project, located in the bustling Miami neighborhood, has been acquired by San Diego-based Cire Equity.
According to filings in New York federal bankruptcy court, R&B Realty's attempts to refinance a $112.9 million delinquent mortgage by an Aug. 22 deadline fell through. As a result, Cire Equity, led by Joshua Volen and Trevor Smith, has taken ownership of the 12-story mixed-use project at 2916 North Miami Avenue and an adjacent single-story bank building at 2830 North Miami Avenue.
Cire Equity was able to acquire the project through an $89.6 million credit bid from A10 Capital, acting as the special servicer for the mortgage. This news comes as a major blow to R&B Realty, led by Aron Rosenberg, as they have been struggling to keep the project afloat.
"It's unfortunate that R&B Realty was unable to refinance the mortgage and retain ownership of Gateway at Wynwood," said a representative for Cire Equity. "We are excited to take on this project and bring new life to the neighborhood."
This acquisition highlights the ongoing struggles of R&B Realty, as they have been facing financial difficulties for some time. This deal also raises questions about A10 Capital's role in the situation and their decision to accept a credit bid for the mortgage rather than allowing R&B Realty to continue their efforts to save Gateway at Wynwood.
Accurate, fact