Miami-based Lennar Homes purchased a 20.5-acre site from OptimumBank for $3.25 million last week, closing the deal at a 43 percent discount to its foreclosed mortgage.
The agricultural site, which sits west of Lake Worth, was seized by the Plantation-based bank in 2011 after it foreclosed on Marquez Jones Joint Venture’s $5.67 million mortgage.
According to the South Florida Business Journal, the bank was sitting on $7.4 million in repossessed property as of March 31. The deal will reduce that exposure for the “undercapitalized” bank. [South Florida Business Journal] –Kerry Barger