CGI Merchant loses 550 Biltmore as its portfolio cracks

CGI Merchant Group is catching zero breaks, as its South Florida portfolio unravels under the crushing weight of debt woes.  In the latest trouble, the firm lost the 15-story 550 Biltmore office building, at 550 Biltmore Way, in Coral Gables.  Miami-Dade Circuit Judge Abby Cynamon issued a judgment last month for $61.3 million in favor of lender SDI Biltmore Borrower, an entity tied to Coral Gables-based Secured Debt Investments, ordering a foreclosure sale March 23. The amount breaks down to $49.2 million owed in principal for a 2021 loan, $12.1 million in default interest and $68,000 for attorney fees and […]

This article originally appeared on The Real Deal. Click here to read the full story.