Lender Takes Back Two Downtown Miami Towers With $100,100 Bid

The lender that won a $65.7 million foreclosure judgment against two downtown Miami office towers took the buildings back itself. Miami-Dade County’s auction calendar shows case 2024-017049-CA-01 sold September 16 at 9:01 a.m. for $100,100, with the buyer listed as “Plaintiff.” That closes out the question our Sept. 15 story on the case left open: whether the properties would go to a third party or back to the lender.

Why it matters

A credit bid means the lender is not paying $100,100 in cash. It is bidding a small slice of the debt it is already owed, which lets it acquire the collateral without competing against outside buyers at a real market price. The properties are 44 West Flagler Street and the adjoining building at 200 SE 1st Street, a 326,822-square-foot assemblage that Stonerock Capital Partners and a partner entity bought for a combined $56.7 million in 2022. The same auction calendar page shows other Miami-Dade cases that day selling to “3rd Party Bidder” for hundreds of thousands of dollars, a contrast that confirms the $100,100 figure on this case was a deliberate credit bid outcome, not a data error.

The numbers

The stipulated final judgment entered against the towers was $65,747,591.43. The winning credit bid was $100,100, or roughly 0.15% of that judgment amount. Stonerock and its partner paid $56.7 million for the two buildings combined in May 2022. The gap between that purchase price and the judgment, before the sale, was already close to $9 million.

What’s next

A credit bid does not immediately hand over ownership. The clerk still has to issue a certificate of sale, run the state’s objection window, and then issue a certificate of title before the lender formally becomes owner of record. Once that clears, the lender typically holds the towers as real estate owned property and markets them for resale rather than operating them long term. For South Florida office watchers, the practical outcome is the same either way: Stonerock’s ownership of the Flagler Street assemblage is over, and the buildings are now controlled by the entity that held the debt.