The Real Deal Miami

Lehman had big S. Florida footprint

September 17, 2008 03:34PM

Many large South Florida developers got their financing from Lehman Brothers, which has nearly $2 billion in loans throughout the region. Projects included Miami Beach’s new Canyon Ranch resort; Ian Schrager’s investment in the Riande hotel chain; the Donald Trump condo tower under way in Hollywood; a recent expansion at the Aventura Mall; and the Related Group’s Icon Brickell on Biscayne Bay. Although the investment bank was a major source of development capital in the area, market watchers predicted a minor effect on Lehman’s local holdings, since another lender would likely buy the loans at a discounted price designed to make money even in a depressed market.