About this record: the charter, the sourcing rules and how entries are written

Biscayne Ledger is a dated record of one commercial property portfolio: the assets CGI Merchant Group of Miami assembled between 2020 and 2022, the financing placed against them, and the transfers that moved almost all of them to other parties between 2024 and 2026. It also covers the advisory practice the same firm ran for roughly a decade before that, which no trade coverage of the property years mentions at all.

The organising idea is the ownership chain. For each asset the record traces who acquired it, what debt sat against it, and who controls it now, which is frequently not the party on the title, because in this portfolio control moved through the debt far more often than through a sale. A record built around titles would describe the wrong thing.

It exists because the material is scattered. The individual transactions were reported thoroughly at the time, across a dozen publications, over six years. Nobody had put them in one place in an order that makes the sequence legible.

Third person, always. Nothing here is written as or on behalf of any company or person in the record. There is no "we" that refers to CGI Merchant Group, no page that presents any named individual as staff of this site, and no claim of ownership over any asset described.

Every figure carries its provenance. A price reported by the trade press is described as reported. A number that only ever appeared in a company announcement is described as announced, every time it appears, no matter how widely it has been reprinted since. The two are different kinds of fact and the record does not let them blur.

Adverse matters are stated as the sources state them and attributed to the publication that carried them. No entry speculates about why a decision was taken, characterises anyone's judgement or conduct, or describes any individual's personal finances. Where a matter is unresolved, such as a loan in special servicing or a foreclosure not concluded, the entry says so and stops rather than projecting an outcome.

The principal sources are the commercial property trade press, chiefly The Real Deal, Bisnow and Commercial Observer; company announcements where those are the only record; and, for securitised debt, published servicer commentary. Where reporting and an announcement disagree, the independent source is preferred and the disagreement is noted.

It will not fill gaps with plausible reasoning. A tidy explanation for why a building was handed to a lender rather than defended is easy to construct and impossible to source, and a plausible account presented as a record is worse than an incomplete one.

It will not draw conclusions about people from outcomes about assets. A portfolio that unwound is a matter of public record. What that says about anyone who worked on it is not, and no page here makes that move.

It will not present private information. Nothing on this site comes from a source that was not published, and none was sought. And it will not speak for anyone: no party in the record has approved, reviewed or contributed to any entry.

A record about a living company and named living people carries an obligation that a record of settled history does not: getting something wrong has consequences for someone now. Corrections therefore take precedence over every other kind of work on this site.

If a figure, a date, a name, a role or an outcome is wrong, it gets fixed. Where a correction changes the substance of an entry, the entry records what changed rather than quietly replacing the text. Corrections concerning named individuals are handled first.

The record desk is where corrections arrive, and that page explains what is useful to include. The standard applied to a correction is the same one applied to the original entry: what does a published source establish.