The Real Deal Miami

Finance group adds ex-Levitt unit

July 07, 2009 12:49PM

Woodbridge Holding Corp., the publicly traded real estate subsidiary formed from bankrupt Levitt Corp., will be bought and taken private by BFC Financial, a Fort Lauderdale holding company. BFC already has a majority voting stake with its ownership of 22.5 percent of Woodbridge’s Class A shares and all of Woodbridge’s Class B shares, giving it 59 percent of Woodbridge’s total voting power. BFC also owns a controlling stake in BankAtlantic Bancorp. Woodbridge was renamed from the remnants of Levitt in 2007, after Levitt and Sons went bankrupt.