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Bankruptcy judge paves way for Metronomic property auction
Metronomic filed for bankruptcy protection in September
A U.S. bankruptcy judge this week approved Metronomic Holdings’ settlement with a creditor, clearing the way for the developer to auction 17 properties in Miami-Dade County and two near Chicago.
The creditor, Fuse Funding, had provided about $18 million in mortgages for the properties, according to court documents. Judge Laurel Isicoff approved the settlement, which calls for the properties to sell by March 15, 2021.
The settlement doesn’t address Metronomic’s properties with loans from other lenders. Fuse Funding is affiliated with Fort Lauderdale-based Fuse Group, a bridge financing and private lending company led by Eyal Peretz.
The Fuse-financed properties include 10 vacant lots and nine properties with vertical construction of multifamily units, according to court documents.
The projects and properties in the Miami area are:
- Trinity Homes-4 – 3364 Oak Avenue, Miami
- MetroPlace – 1349 Northwest 1st Street, Miami
- CocoGrove – 2961-2967 Bird Avenue, Miami
- Villas Beny More Tres – 521 Southwest 2nd Street, Miami
- Villas Beny More Dos – 1780 Southwest 5th Street, Miami
- Plaza Celia – 2640 Southwest 27th Avenue, Miami
- Villas Beny More Cuatro – 1251-1259 Southwest 3rd Street, Miami
- Maximo Gomez – 1 – 216-240 Southwest 7th Avenue, Miami
- La Elaina – 857 Southwest 14th Avenue, Miami
- MetroPark – 1651 Northwest 3rd Street, Miami
- TriniSuites Tres – 2534 Southwest Sixth Street, Miami
- Metronomic Place – 3280 Grand Avenue, Miami
- TriniSuites Calle Ocho – 2500 Southwest 8th Street, Miami
- Commodore Place – 3100 Commodore Plaza, Miami
- TiriniSuites Dos – 650-652 Beacom Boulevard, Miami
- SieteOcho – 640 Southwest 8th Avenue, Miami
The two Crystal Lake, Illinois, properties are Hermosa Gardens, at 4202 Three Oaks Road, and Crystal Terrace, at 402 Federal Drive.
Metronomic is based in Coral Gables and headed by Ricky Trinidad. Kelly Beam owns the company.
The development firm filed for bankruptcy protection in the Southern District of Florida in September with more than $87 million in debt.
Last year, Metronomic opened an office in North Bay Village 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.