The units, across three towers, were transferred for an average of $672 per square foot, excluding excess land and common areas, based on a report by Condo Vultures LLC that was verified by Miami-Dade County Circuit Court records. However, cash did not change hands in this deal.
A spokeswoman for New York City-based Lehman Bros., which is undergoing bankruptcy court restructuring, said the Canyon Ranch units were acquired as deeds in lieu of foreclosure. Lehman subsidiary LB Carillon Construction last modified two mortgages covering Canyon Ranch at a combined $418.7 million in April 2008 that were set to mature a year later.
Click here to read the full report by the South Florida Business Journal.
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