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MIAMI-When New York City-based Lehman Brothers filed for bankruptcy Monday, South Florida developers may have lost an imperative backer. According to the Miami Herald, Lehman still controls loans in South Florida totaling almost $2 billion.

The company is currently backing large projects such as the 1,794-unit Icon Brickell by the Related Group and the Trump Hollywood condominium project. Lehman granted a $226.5-million construction loan to the 200-unit Trump project in June 2007 for completion next summer.

Local experts told the Miami Herald that the loans will likely be picked up by other lenders without much effect on the projects. However, there is a possibility that bankruptcy dealings could lead to the sale of condo units at well below market value. To read the complete article, click here.

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