The Real Deal Miami

Lennar snags Lake Worth site at big discount

Miami homebuilder buys repossessed development for $3.25M -- 43% off mortgage

July 07, 2014 04:30PM

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Lennar Homes

Miami-based Lennar Homes purchased a 20.5-acre site from OptimumBank for $3.25 million last week, closing the deal at a 43 percent discount to its foreclosed mortgage.

The agricultural site, which sits west of Lake Worth, was seized by the Plantation-based bank in 2011 after it foreclosed on Marquez Jones Joint Venture’s $5.67 million mortgage.

According to the South Florida Business Journal, the bank was sitting on $7.4 million in repossessed property as of March 31. The deal will reduce that exposure for the “undercapitalized” bank. [South Florida Business Journal] –Kerry Barger

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