The foreclosure auction of a Miami Gardens warehouse was stayed after the owner filed Chapter 11 reorganization.
The debtor, 5255 Holdings, made the bankruptcy filing in Miami on Aug. 15. The foreclosure auction was set to take place on Aug. 17 after U.S. Bank, representing a securitized commercial mortgage (CMBS) trust, won a $3.7 million foreclosure judgment based on a $2.96 million mortgage.
The Chapter 11 filing listed U.S. Bank as the only secured creditor. The debtor valued its 43,974-square-foot… …read more
From:: biz journal foreclosures