The Real Deal Miami

Corus unloads Miami loan

September 11, 2009 02:49PM

South Florida condos continue to wreak havoc on the books of troubled Chicago-based Corus Bank. Corus announced it sold off the construction loan on a luxury condo conversion project at Miami Beach’s historic Caribbean Hotel for less than a third of its initial value. The bank sold the loan for $50 million after issuing it for $127 million. The buyer, 3737 Caribbean Partners, affiliated with Melohn Properties, an investment group in New York, did not disclose the current value of the note. Developer Caribbean Group Owner sold 13 units at prices ranging from $2.8 million to $1 million.