Bankruptcy judge paves way for Metronomic property auction

Metronomic filed for bankruptcy protection in September

Miami /
Dec.December 23, 2020 02:31 PM
Fuse Group CEO Eyal Peretz and Metronomic's Ricky Trinidad with 3364 Oak Avenue (Photo via Google Maps; Fuse; Metronomic)

Fuse Group CEO Eyal Peretz and Metronomic’s Ricky Trinidad with 3364 Oak Avenue (Photo via Google Maps; Fuse; Metronomic)

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.





    Related Articles

    arrow_forward_ios
    From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
    Development bonanza: Four Miami projects nab approval
    Development bonanza: Four Miami projects nab approval
    Terra's David Martin and AB Asset Management's Getzy Fellig with rendering of Residences in the Grove (Terra Group, LinkedIn, Getty)
    Terra, AB Asset plan 174 apartments in Coconut Grove
    Terra, AB Asset plan 174 apartments in Coconut Grove
    MG Developer's Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
    MG completes Miami apartments dev site assemblage
    MG completes Miami apartments dev site assemblage
    Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
    Embattled developer’s Coconut Grove rentals head to auction
    Embattled developer’s Coconut Grove rentals head to auction
    Ken Griffin and Adrienne Arsht with 3031 Brickell Ave (Getty, Atlantic Council, Oak Studios)
    Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources
    Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources
    Adrienne Arsht and the Coconut Grove estate (Arsht via Naomi.cherenson, CC BY-SA 4.0, via Wikimedia Commons, 3031 and 3115 Brickell Avenue photos provided by 1 Oak Studios)
    Adrienne Arsht’s Coconut Grove estate sells for record $107M
    Adrienne Arsht’s Coconut Grove estate sells for record $107M
    A photo illustration of Residences by Armani Casa in Sunny Isles (RBACMiami.com, Getty Images)
    Residences by Armani/Casa tops Miami-Dade’s weekly condo sales
    Residences by Armani/Casa tops Miami-Dade’s weekly condo sales
    A rendering of the project + a Google street view of the building at 3034 Oak Avenue and  (L-R) Developers Nick Hamann and Jeremy Wacks, with Douglas Elliman’s Jay Parker (Google Maps)
    Lender seeks foreclosure of stalled Arbor Coconut Grove project
    Lender seeks foreclosure of stalled Arbor Coconut Grove project
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...