The owner of a three-story office building near Miami’s Brickell neighborhood filed chapter 11 reorganization just days before a foreclosure auction was set to strip it of the property, the South Florida Business Journal reported. CMG Capital LLC sought chapter 11 reorganization in U.S. Bankruptcy Court in Miami on Feb. 27. Steven Suh, Sang Lee, Said Lopez and Alen Hsu signed the petition as members of the LLC. Attorney Nathan G. Mancuso, who represents the debtor, couldn’t be reached for comment. CMG Capital LLC owns the 8,556-square-foot office at 232 S.W. Eighth St., plus a 967-square-foot home at 1431 N.W. 37th Ave. It acquired the office building for $4 million in 2017 and the home for $110,000 in 2019. In the case management summary, CMG Capital LLC said it filed chapter 11 to stay the foreclosure over its property. It valued the two real estate assets at $5.2 million. Elizon DB Transfer Agent LLC won a $2.65 million foreclosure judgment in December against CMG Capital LLC over a loan with $1.85 million in principal, plus interest and fees, outstanding. The foreclosure auction was set for March 1, but the bankruptcy filing stayed it.
