Home builder Lennar Homes received a 39 percent discount on the purchase of a foreclosed townhouse project at 1300 South Flamingo Road in Davie, the South Florida Business Journal reported.
Miami-based TotalBank affiliate White Leaf Development owned the property after winning a foreclosure judgment against Flamingo Village Corp. over a $5.3 million mortgage, the publication said. The affiliate acquired the land in a deed in lieu of foreclosure.
Lennar then bought it from the bank for $3.25 million, the Journal said. The groundwork for a second building has been paused. The first building, which contains seven model townhouses, is finished, the report said.