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A milestone is hit in Miami where the city sees its first construction loan for a new condo...

A milestone is hit in Miami where the city sees its first construction loan for a new condo project since the property crash. A group led by Regions Financial (RF) will lend $160M to The Trump Group (no relation to The Donald) for The Mansions at Acqualina. Terms were tight - $320M in pre-sales with 50% down payments were required as a condition of the loan.
Comments (2)
  • enigmaman
    , contributor
    Comments (2686) | Send Message
     
    as tight as the terms are they will be able to meet them because the Miami market is hot with South American flush with cash looking for a safer bet then they have back home. High % of condos in S Beach have doubled in price in the past three years, average 2500 per sq ft for high end condos and and 1000-1500 for most others.
    27 Feb 2013, 11:30 AM Reply Like
  • D. McHattie
    , contributor
    Comments (1823) | Send Message
     
    When the Fed buys almost $2T of mortgage backed securities I guess you end up with a lot of money out there available to lend.

     

    I wonder who is going to end up holding the bag when this inevitably crashes?

     

    D
    27 Feb 2013, 03:04 PM Reply Like
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