R&B Realty’s Hail Mary effort to retain ownership of Gateway at Wynwood failed.
Two affiliates of R&B Realty, led by Aron Rosenberg, were unable to refinance a delinquent $112.9 million mortgage by an Aug. 22 deadline, filings in New York federal bankruptcy court show. San Diego-based Cire Equity, led by Joshua Volen and Trevor Smith, is the new owner of the 12-story Miami mixed-use project at 2916 North Miami Avenue and an adjacent single-story bank building at 2830 North Miami Avenue.
Cire Equity acquired an $89.6 million credit bid for the two buildings from A10 Capital, as special servicer for the defaulted commercial mortgage-backed securities loan. Last month, A10 Capital won a bankruptcy auction for the two distressed properties when no other bids were received, bankruptcy court records show.
The change in ownership was delayed to provide R&B Realty’s affiliates time to attempt to refinance the loan with Miami-based Beach Hill Capital Investors. Gateway at Wynwood’s previous owner was unable to reach a deal, court filings show.
The R&B affiliates filed for Chapter 11 bankruptcy in July of last year, delaying an auction in Miami-Dade Circuit Court. A10 Capital won summary judgment for its 2024 foreclosure lawsuit against the R&B affiliates.
Rosenberg’s firm completed Gateway at Wynwood in 2021, five years after buying the 1.1-acre site for $11.5 million. The A10 Capital mortgage, obtained in 2023, replaced a $76 million construction loan, records show.
The building has a total of 195,000 square feet of offices, 25,000 square feet of retail and 490 parking spaces. Gateway at Wynwood currently has 87,785 square feet of offices and 4,912 square feet of retail available for lease, an online listing shows.
Filling up the vacant spaces would require roughly $10 million in leasing commissions and tenant improvements, bankruptcy filings state. Current tenants include Mindspace Miami, Marcus & Millichap, Villatel, Royalty Auto Wash and Central Rock Gym.
