The Real Deal Miami

LNR back from the edge

March 07, 2011 10:13AM

Miami Beach-based LNR Property, which was once the investment fund of
homebuilder Lennar, was on the brink of bankruptcy, with $1.3 billion in
debt. Last summer, though, it recapitalized with $417 million in new
equity issued to an ownership group of several high-profile investors,
including iStar Financial, Cerberus Capital Management and Vornado
Realty Trust. “The restructuring totally took the question about the
stability of the company off the table,” said Justin Kennedy, co-CEO of
LNR. “It has gone from being a tough credit situation to having the
leverage metrics of investment grade credit.” [Miami
Herald]