Miami boatyard faces foreclosure auction

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Miami's Merrill-Stevens boatyard is headed for a foreclosure auction on Thursday.

The 5.6-acre boatyard is the oldest continually operating business in Miami, but it has fallen on hard times. Merrill-Stevens Dry Dock Co. was hit with a foreclosure complaint last June by Coconut Grove Bank, the South Florida Business Journal reported

The case appeared to reach a resolution in October, when the bank signed a settlement and mortgage modification agreement with the owner. But the bank obtained an $11 million foreclosure judgment against Merrill-Stevens in December.

Merrill-Stevens has been on the Miami River since 1923.

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