Miami Lakes-based BankUnited could be sold in two weeks, according to Bloomberg News. The bank has invited offers from potential buyers, with the expectation that it finalize a sale in two weeks. The bank, which had a market capitalization of $2.38 billion on Friday, could go to a number of buyers — including BB&T and TD Bank, which have been looking to expand their reach in the Sunshine State, the Sun Sentinel reported. Spokespeople for those banks declined to comment. BankUnited is being advised by Goldman Sachs as it explores potential deals. [Sun Sentinel]
Posts Tagged ‘bankunited’
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Florida Power and Light said an expansion of the company’s Turkey Point nuclear plant near Homestead would be a benefit for South Florida, in an effort to gain support for the project after encountering community opposition. “On average, Turkey Point contractors spend approximately $2,370 per month,” said spokesperson Bianca Martinez. “That translates into approximately $11 million per month being spent by these workers collectively in the Homestead and Florida City area in the form of rent, utilities, food, gas and other necessities.” Critics are focusing not just on the plan but also a proposed power line route that, they say, would hurt businesses along US 1. [Miami Herald] [more]
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Miami-Lakes based BankUnited will be adding two new Florida locations, including one in Fort Lauderdale, as part of an expansion drive that could ultimately yield eight or nine locations, according to the South Florida Business Journal. The Fort Lauderdale branch will be located at 808 SE 17th Street in Fort Lauderdale, along with another in Orlando. BankUnited will also be putting a branch inside of an RV, with a mobile unit to be used at events and ahead of openings at new locations, according to spokesperson Savannah Whaley. [SFBJ] [more]
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Marcus & Millichap has listed the Bank United Building in Delray Beach for $8.9 million, according to Greg Matus, vice president and regional manager at the firm’s Fort Lauderdale office. The 50,887-square-foot building is listed by Marcus & Millichap’s Douglas Mandel, who is representing the seller, a Delray-based limited liability company. The property, which is located at 5300 West Atlantic Avenue, is 93 percent leased, according to Mandel. — Alexander Britell [more]
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American Realty Capital picked up a portfolio of 31 commercial condominium units in Doral at a steep discount. According to the South Florida Business Journal, ARC Doral LLC, an affiliate of the trust, bought the Point at Doral units, at 2555 NW 102nd Avenue, for $3.86 million from Miami Lakes-based BankUnited. The bank had seized them from Waterhouse Associates after foreclosing on a $8.8 million mortgage. The bank didn’t suffer the full brunt of the loss, however, as it had entered a loss-sharing agreement with the Federal Deposit Insurance Corporation. [SFBJ] [more]
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BankUnited has provided a $22 million commercial loan to the Graham Companies to finance the Residences at the Lakehouse, a new development that just broke ground on a 20.9-acre site along Commerce Way west of Northwest 82nd Avenue in Miami Lakes, the Florida Real Estate Journal reported. The project is slated for completion in December 2012 and will feature 21 multi-family buildings containing 270 luxury rental units. The general contractor for the project is CB Constructors, a division of Current Builders, the Journal said. [FREJ]
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Miami Lakes-based savings and loan association BankUnited has signed a lease for a 21,758-square-foot site in Pompano Beach, where it intends to replace a gas station with one of its branches, according to the South Florida Business Journal. The asking rent was not immediately available.
On June 13, the bank agreed to lease the space at 3551 North Powerline Road, just south of West Sample Road, from Coral Gables-based Caval Commercial Development, according to county records.
The branch will have a drive-through option. [more]
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BankUnited is opening two new Florida branches, according to plans filed with the Office of Thrift Supervision. The Miami Lakes-based bank, which has 81 branches in 13 Florida counties, filed an IPO this year and is using the capital raised to expand. The two new branches will be at 2159 Coral Way in Miami and 3801 Henderson Boulevard in Tampa. [SFBJ]
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Four North Miami apartment buildings have been plucked out of foreclosure for 74 percent off of the value of their distressed mortgages, according to the South Florida Business Journal. The buildings, which range in size from 56 to 88 units, had been part of a six-property portfolio belonging to an affiliate of BankUnited, which took control of them from the Chelminsky family last year after they defaulted on a $13.7 million loan. The buyer, TCRG North Miami Apartments, paid $3.6 million for the four buildings and their combined, 274 units. [more]
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Federal Judge Marcia Cooke threw out a class-action lawsuit filed by BankUnited shareholders against three former high-level executives at the company. When federal regulators took over the bank in May 2009, shareholders lost their money and soon filed suit, alleging the officers were intent on deceiving and defrauding shareholders. BankUnited’s quick rise came as a result of extremely risky option adjustable rate mortgages. The company is not out of the water yet, as it is in Chapter 11 proceedings and is being investigated by the Securities and Exchange Commission. [Miami Herald]
