The Real Deal Miami

String of failed Corus loans trails off in Florida

September 14, 2009 09:51AM

Florida condominium projects set forth the death spiral of Corus Bancshares, and new owner MB Financial Bank of Chicago is assuming Corus Bank’s 11 branches and $3 billion in cash and marketable securities. The bank still has over $1 billion worth of Florida condo loans to unload in the next 30 days, federal bank regulators say, including 13 with mortgages of more than $100 million. Problem projects include the 342 unsold units in the Tao condominium in Sunrise; the 216-unit Aventine at a Boynton Beach apartment complex; and a pending foreclosure lawsuit against the owner of the Onyx on the Bay condo in Miami, with a $44.1 million mortgage covering 41 unsold units. Another 13 projects are targeted in the aftermath of Corus’ failure.