A couple of weeks ago we wrote a blog about Corus Bank (Are Developers Bankers? Are Bankers Developers?…). There were five major bidders up for the Real Estate Assets – Related Cos (parent company of Related Group of Florida (Jorge Perez), Colony Capital LLC, I Star, Lone Star Funds & Starwood Capital Group. Well the latter of all them, Starwood Capital Group and TPG (The Peninsula Group) are the winning bidders for the remaining assets of the now failed and defunct Corus Bank (taken over by FDIC on September 11, 2009).
The FDIC split the banking operations from its real estate holdings. According to The New York Times, the group bid $554 million for a 40% stake in the Corus real estate assets. The FDIC will retain the remaining 60% share. Corus represents the 90th bank to fail this year in the US. The blame is solely made around its loan portfolio that was based almost exclusively around condo projects in the once hot condo markets mostly in California, Florida & Georgia.
As of June 30, Corus held $4.42 billion in commercial real estate loans and $463 million in repossessed properties. At that time the bank reported that almost $3 billion of the outstanding loans were late or unpaid.
In Florida Corus holdings totaled $739 million in 15 different condo or condo conversion loans and a further $51.9m in one repossessed property (Tao project in Sunrise). Before it failed, the bank was able to sell its $44.1 million loan covering 41 unsold units at Onyx on the Bay in Miami and its $127.7 million loan covering 90 units at the Caribbean in Miami Beach. It had also successfully repossessed the 216 unit Aventine in Boynton Beach.
As Luxury Realtors specializing in Oceanfront and Intracoastal properties, we kept a special eye on the demise of Corus Bank as for us some of the bank’s most worthy assests were Jade Ocean Condominiums in Sunny Isles, Paramount Bay in Miami and the Trump International Hotel & Tower in Fort Lauderdale. Imagine these assets and others are now in the hands of the FDIC. Needless to say, the story is not yet over!!!
Out next blog will cover Jade Ocean Condominiums in Sunny Isles including exclusive photos and information.
For all your Real Estate needs in Southeast Florida count on the Golan Team (786-333-6200 or 786-271-1235), Your Luxury Realtors for Deserving Clients”
