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Miami-based developer secures $1.7B loan

December 14, 2012 03:45PM

Miami-based developer Lennar has secured $1.7 billion loan from China Development Bank to fund the development and construction of two major projects in San Francisco, the Miami Herald reported. When the deal closes — it’s expect to close by the end of the month —   it will be the first U.S. loan by the state-owned Chinese bank

The Chinese bank will provide the loan to redevelop Treasure Island and Yerba Buena Islands in San Francisco Bay, where 8,000 units of housing are planned for the 535 acre mixed-use project. [Miami Herald] —Christopher Cameron