81-key Hillsboro Beach resort goes back to lender for $40,100

An 81-key oceanfront resort in Hillsboro Beach, finished in 2021, sold at foreclosure auction on July 16 for $40,100 against a final judgment of $40,030,287.77. The lender bid it in itself, and nobody made it work for the money.

Why it matters

Emerald Creek Capital 3 LLC, the plaintiff in Broward Circuit Court case CACE-26-002165, went into the sale with authorization to bid up to $25,850,000. It never needed a dollar of it. A four-year-old hotel on the Atlantic in Broward County drew no competing bid above a nominal number, which is the cleanest read available on where private capital prices this asset today.

Be precise about who owns it. The certificate of title has not issued: under Florida Statute 45.031 it follows the certificate of sale by 10 days absent an objection, and the Broward property appraiser still shows 1159 Hillsboro Mile LLC and BNH IV HM TRI LLC on the roll. Lenders routinely take title through a separate REO affiliate. Emerald Creek Capital 3 LLC is the plaintiff and the successful bidder, not yet the confirmed owner.

The numbers

The hotel folio, 484308120010, carries a 70,809 sq ft building on 40,288 sq ft of land, use code 39-01, hotel with limited service and food, built 2021 with an effective year of 2022. The county’s 2026 just value is $14,451,450, less than 60% of what the lender had authorized itself to pay. Zoning is RM-30, multiple family high density. The same owner entities hold folio 484308000290 next door, 13,407 sq ft zoned RM-16 and coded 20-09 marina mixed use, at a just value of $412,530. Together, about 1.23 acres. The borrower’s basis dates to April 26, 2017, at $13,500,000; the parcel traded at $10,450,000 in 2007 and $7,000,000 in 2005.

What’s next

Once title issues, the asset sits with a lender that has no reason to run a hotel. What it will be holding is 1.23 acres of oceanfront South Florida dirt zoned for high-density multifamily, with a marina parcel attached and a 2021 structure on it that the next buyer can keep or clear. Both ownership LLCs list 819 NE 2nd Avenue Suite 500 in Fort Lauderdale; state records show BH3 Asset Management LLC as a member of the manager entity. Watch the Broward official records index for the certificate of title and the grantee named on it.