Boynton Pinehurst, a subsidiary of Maryland-based Carbon Capital II, was granted a year’s grace period to begin payment on a $37.2 million mortgage it borrowed to build a 216-unit residential complex in Boynton Beach. The developer is converting the complex into condominiums and now has until June 30, 2009, to pay off its mortgage. Corus has a commercial portfolio worth nearly $1.5 billion, including 19 projects in South Florida.
Financing cushion offered
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