DORAL, FL-Lennar Corp.'s affiliate Flordade LLC has purchased the distressed loan on the Century Grand development in Doral, which was being constructed by Century Homebuilders. Wells Fargo Bank on behalf of a consortium of lenders filed a $65.6 million foreclosure suit against Century Homebuilders' CEO Sergio Pino and Atlas Property I LLC in 2009.
The loan includes the 152.9-acre site of the Century Grand development, which has approval for about 4,600 townhouses, a 150,000-square-foot commercial space and other amenities. For the full story, go to South Florida Business Journal .
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