Corus mortgage project sold for $25.4 million

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Dallas REIT Behringer Harvard has purchased the senior mortgage debt of the 408-unit Palms of Monterrey, a Fort Myers apartment complex comprised of three 17-story buildings. The company paid $25.4 million, or roughly $62,000 per unit, to the Federal Deposit Insurance Corporation, which acted as a receiver for Corus Bank. The previous owner, Fort Myers-based BTS Monterrey Holdings, took out a $69 million mortgage in 2006. [GlobeSt]

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