The Real Deal Miami

Corus Bankshares sells Onyx on the Bay loan to Hyperion

September 16, 2009 02:40PM

Before getting seized by regulators on Friday, Chicago-based Corus Bankshares sold its construction loan on the 118-unit Onyx on the Bay to Hyperion Onyx Partners, a new subsidiary of Miami-based Hyperion Development Group. Onyx on the Bay, located on Miami’s Biscayne Bay, is a project of BAP Development & GGM Developers, and faced a possible foreclosure by Corus last spring. As of Sept. 1, the building still had 40 unsold units and  when Corus surrendered $1 billion in nonperforming loans secured by South Florida condos last week, Hyperion stepped in to pick up the loan. [Miami Herald]