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South Florida

Distressed debt sales on rise

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Banks and other lenders holding debts that borrowers can’t pay are willing to sell it at discounts, and South Florida is attracting buyers. Banco Popular North America, for one, sold a note secured by a recently completed condo tower in Miami’s Brickell area. The note was valued at $18 million, and went to developer Robert Lechter, principal of REMS. Group, a Hollywood-based developer, for $10.2 million. Carlos Castro, an attorney and founder of Coral Gables law firm Castro Ramirez, said the time is right for deals such as Lechter’s. He represents investors and about 15 banks in note deals. [GlobeSt]