Miami developer Metronomic files for bankruptcy

Developer listed more than $87M in debts

Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)

Metronomic Holdings, a South Florida-based developer led by Ricky Trinidad, filed for Chapter 11 bankruptcy protection this month.

The Coral Gables-based real estate firm listed more than $87 million in debts, according to documents filed in the Southern District of Florida. Metronomic has commercial, residential and student housing projects across Miami-Dade.

Metronomic listed $51.3 million in unsecured loan repayments owed to Qidian, a crowdfunding investment platform based in Tysons, Virginia. Metronomic’s debts also include a $17.7 million mortgage from Fuse Funding and a $5.8 million mortgage from TCM of Miami.

Metronomic’s attorney for the bankruptcy case, Aleida Martinez Molina, declined to comment.

The TCM mortgage is the subject of a foreclosure lawsuit Wilmington Trust filed in Miami-Dade Circuit Court five days before the bankruptcy filing. Wilmington sued Metronomic affiliate Grovehaus LLC and other defendants. Wilmington was assigned the loan after TCM assigned the loan to another party.

The GroveHaus LLC hasn’t made installment payments on the loan for the 10-unit multifamily building at 3265 Bird Avenue in Coconut Grove, according to the lawsuit. GroveHaus was completed last year.

The other defendants in the case include Kelly Beam, who signed documents on behalf of the Metronomic affiliate. Beam is listed as the company’s manager in state records and is a guarantor on the property. Also named in the lawsuit are holders of junior mortgages on the property and a junior mechanics lien holder.

Earlier this year, Metronomic launched MetroCapital Fund, an investment platform accepting a minimum of $50,000 per investor.

Last year, Metronomic opened an office in North Bay Village last year to work on at least three developments in the area.

Metronomic had big plans for a project in the West Grove, and closed on land for the first phase of the $74 million development in June 2019. Grand Plaza, as it was called, was planned to have 12 new buildings with nearly 300,000 square feet of mixed-use development.

The company also had several developments planned in Little Havana, including a series of two-story residential projects called La Elaina, and a five-story office building called SieteOcho at 640 Southwest Eighth Avenue.