The Real Deal Miami

Lenders take prime Aventura, Brickell property

May 14, 2008 02:44PM

Lenders are seizing everything these days, including prime new development sites in Aventura and West Brickell. Lehman Bros. is suing developer Sefaor/Tarragon after lending the company nearly $84 million to build a 460-unit high-rise condo at 17900 NE 31st Court in Aventura; the property is now assessed at $40 million. Developer Brickell Citicentre has handed over two vacant, developable blocks at 770-701 S. Miami Avenue to lender iStar Financial, to whom it owes $58.1 million plus interest.