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String of failed Corus loans trails off in Florida

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.

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