The Real Deal Miami

Tao subject to bank seizure

November 12, 2008 11:58AM

Corus Bank has taken over Tao, a 396-unit, two-tower
condominium in Sunrise, from its developer, Weitzer/Kislak Sawgrass. It
is one
of the year’s largest bank seizures of a completed condo in South
Florida. The Chicago-based
bank held a $126.3 million mortgage on the project. Corus has hired
Miami-based
Hyperion Development to finish development and close the units.
Presale contracts were for units priced between $350,000 and $800,000.