Lennar to buy foreclosed townhome project

Lennar Homes has reached an agreement with Mercantil Commercebank to take over the Coral Lakes Kingdom townhome project in Tamiami, originally developed by an affiliate of Precious Homes. The bank foreclosed on the 116-home property in July after filing a $19.4 million lawsuit. Precious sold 44 homes before relinquishing its control of the project, which is partially complete. The Lennar deal hasn’t yet closed, but the company filed an agreement in Miami-Dade County Circuit Court Tuesday. [SFBJ]