The Real Deal Miami

Local condo loans hurt bank in third quarter

October 30, 2008 04:49PM

Corus Bank, one of the largest condo construction lenders in South Florida, was hit hard in the third quarter by loans with low chances of repayment. Of the 18 condo, condo conversion and apartment loans Corus held as of September 30, seven were at least 90 days late, according to the company’s third-quarter earnings release. The bank labeled another two loans as in danger of not being repaid. Corus made no new loans anywhere in the country in the,third quarter. Locally, Corus holds loans on a number of projects, including the Mint at Riverfront, Paramount Bay and the Ivy, all in Miami, and Edge Condominium in West Palm Beach.