Index · the portfolio
The portfolio record: every asset tracked here, with its sector, its financing and its outcome
Nine assets across four property types, most of which left the portfolio through their debt rather than through a sale. This index is the entry point; each row links to the file that carries the sources.
| Asset | Sector | Location | Outcome on the record |
|---|---|---|---|
| The Gabriel Miami, 1100 Biscayne | Hotel | Downtown Miami | Renovated from 2015; mortgage sold to Madison Realty Capital, 2024, reported $60M |
| Gabriel South Beach | Hotel | Miami Beach | Handed to lender rather than contest a reported $69M foreclosure |
| Old Post Office leasehold | Hotel | Washington DC | Passed to the lender group associated with BDT & MSD |
| 550 Biltmore Way | Office | Coral Gables | Lost in early 2026, reported by The Real Deal |
| 55 Miracle Mile | Retail | Coral Gables | $23.4M CMBS loan in special servicing, unresolved |
| Nexus Workspaces | Flexible office | South Florida | Expanded to Boynton Beach and Boca Raton; five properties sold for $31M in 2025 |
| Morris Brown campus hotel | Hotel development | Atlanta | $30M commitment announced 2021 |
| Coconut Grove headquarters, 3480 Main Highway | Office | Coconut Grove | Passed to Torose Equities in 2026 against a $32.5M mortgage in UCC foreclosure |
| Coral Gables retail, adjacent | Retail | Coral Gables | Refinanced with the Class A package |
What the pattern in this table shows
Read down the outcome column and one thing stands out: almost nothing left this portfolio through a conventional sale at a moment of the owner’s choosing. A mortgage was sold. A hotel was handed to its lender. A leasehold passed to a lender group. An office building was lost. A loan sits in special servicing. Only the headquarters building traded in the ordinary way, and it traded at the end.
That pattern is the portfolio’s defining feature and the reason this record organises itself around ownership chains rather than around buildings. When control moves through debt, the name on the title is a poor guide to who is actually in charge, and a record that tracked only titles would describe the wrong thing.
The second pattern is concentration. Four of the nine assets are in Coral Gables or Coconut Grove, and a further two are Miami hotels. One regional economy carried most of the portfolio, which worked while South Florida outperformed and offered nothing to lean on when the financing environment turned.
Why the outcome column is worded the way it is
Several rows above stop short of naming a current owner, and that is deliberate rather than incomplete. When a mortgage is sold, control over an asset changes hands but title does not. When a loan enters special servicing, the borrower still owns the building and the servicer still has no deed. Writing “sold to” in either case would be wrong in a way that is very hard to correct later, because it is the kind of sentence other pages quote.
So the column records the transaction that reporting actually established, in the words that transaction supports. “Mortgage sold to Madison Realty Capital” is a debt trade. “Handed to lender rather than contest a foreclosure” is an undefended enforcement, and the reporting does not say which instrument closed it. “Passed to the lender group” is a transfer of control whose title position was not reported. Three different events that a looser record would flatten into one.
The same discipline governs what is absent. Two rows record a commitment and a groundbreaking with nothing after them, and one records a platform that was expanded and then never mentioned again. Private portfolios do not announce quiet outcomes, so silence in the sources is recorded as silence rather than read as failure. Deal mechanics defines each instrument the column names.
What this index is a subset of
Nine assets is what the sources carry, not what the firm held. A private company publishes no schedule of holdings, and the firm listed portfolios across three separate eras with lists that overlap inconsistently and in places contradict each other. Reconciling them into one authoritative roster would require inventing the connective tissue.
The inclusion test used here is narrow: an asset appears if published reporting establishes both that the firm acquired or committed to it and what its status was at some later dated point. An asset named once in passing, with no acquisition and no outcome, is not a portfolio holding on this record; it is a mention, and mentions are not evidence of ownership.
That test excludes some things the firm almost certainly did own, and it is the right trade. A record that lists everything it can find is a record whose weakest entry sets its accuracy, and the weakest entry is the one a reader will repeat. Nine rows that each survive a check are worth more than twenty that do not.
For the later portfolio specifically see the post-2020 holdings; for the assets grouped by sector and hold period see select investments; and for the firm that assembled them see the firm profile.
Sources
- The Real Deal Map: CGI Merchant’s unravelling real estate investments amid mounting debt woes 10 Jan 2025
- Commercial Observer Torose and Sabal sell office in Miami’s Coconut Grove for $61M 5 Feb 2026
- Bisnow CGI Merchant had A-Rod’s backing and a $650M fund. Then it bought Trump’s D.C. hotel 2025