South Florida Developer Takes Hike, Unloading Unfinished 396 Unit High Rise Complex On Constuction Lender

In Broward County, Florida, the Daily Business Review reports:

• Corus Bank, one of the most active lenders to developers during the condo construction boom, is taking title to the twin, 26-story Tao Sawgrass condominium buildings in Sunrise in lieu of foreclosure. Although there have been no closings on the complex’s 396 units, purchase deposits are in place on about 80 percent of the project, according to John Barkidjija, a Corus senior vice president in Chicago.

For more, see Condo Meltdown: Corus Bank takes title to Tao condos, hires firm to finish construction.