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(This story, in slightly different form, originally appeared in ALM’s Daily Business Review.)

MIAMI-Hyperion Onyx Partners, LLC, an affiliate of locally based Hyperion Development Group, last week acquired the construction loan held by Corus Bank for Onyx on The Bay, a 118-unit condominium on Biscayne Bay, for an undisclosed amount. Chicago-based Corus, which has investments in several South Florida condominium projects, failed Friday and was taken into FDIC receivership.

MB Financial Bank assumed Corus’ deposits and agreed to purchase approximately $3 billion its assets, comprised mainly of cash and marketable securities. The FDIC plans to sell the remaining assets of Corus Bank in a private placement transaction.

The Onyx note purchase marks Hyperion’s first such acquisition. The company recently completed and successfully closed all 541 units at the Marinablue, a 60-story mixed-use condominium in Downtown Miami across from the American Airlines Arena. In addition, Hyperion’s asset management division is running developer operations at the 396-unit Tao Sawgrass condominium in Sunrise.

“We expect our acquisition and asset management teams to continue to be active in pursuing opportunities presented in this climate,” says Robert Vecsler, CEO of Hyperion, a developer of large-scale condominium projects. He says the company plans to partner with developers, investment funds and banks “to execute and maximize value at challenging development projects.”

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