Starwood Capital Group to Acquire Corus Bank Assets

October 2, 2009 by Lucas Lechuga

I received a phone call 10 minutes ago from a friend to give me the news that it appears that Starwood Capital Group will acquire the remaining assets of Corus Bank.  Unfortunately, Reuters beat me to the punch and reported the story about an hour ago.  The rise and fall of Corus Bank has been a story that I have chronicled extensively over the past two years because of the obvious connection the company has to the Miami condo market.  The final chapter has now closed and it will be up to Starwood Capital Group to establish the floor for the condo market here in South Florida.

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13 Comments on "Starwood Capital Group to Acquire Corus Bank Assets"


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Anonymous
Lara
6 years 11 months ago

Hi Lucas,

Thank you for this info. Let’s see what is going to happen with all our condos.

Meanwhile could you ask to update info on sold and rented condos.

Anonymous
Renter Tom
6 years 11 months ago

I was told that “the bank” had taken over Trump Tower III in Sunny Isles Beach…some time ago. Can anyone verify this and any details. It would explain why that tower is done but not occupied.

Anonymous
andi
6 years 11 months ago

First leg of the downturn is over..But a second and more injurious one is coming that will impact properties > 250k in so fla and elsewhere. Zombie banks have few more months to dither but the final countdown is right around the corner… Fed’s will be forced to withdraw liquidity to stem rampant speculation in some financial assets..there is no magic wand (from ben bernanke) to address 20+ yrs of credit orgy…most americans are still living in denial …

Anonymous
Wild Bill
6 years 11 months ago

Who will take acquire Starwood Capital Group in six months? Peter Pan Capital Group?

Anonymous
Renter Tom
6 years 11 months ago

andi – That is precisely the issue…. a credit bubble popped, it popped first in housing. Foreclosures are continuing at crazy rates, credit card defaults through the roof, banks with enormous and growing non-performing loans, personal bankruptcies way way way up. It is bad. But at least the it is relatively known what the problem is so although it is really bad there is at least some certainty upon which to make a plan and take action. Any large item purchase that is highly credit dependent will continue to get hurt.

Anonymous
6 years 11 months ago
Text By MEREDITH WHITNEY Anyone counting on a meaningful economic recovery will be greatly disappointed. How do I know? I follow credit, and credit is contracting. Access to credit is being denied at an accelerating pace. Large, well-capitalized companies have no problem finding credit. Small businesses, on the other hand, have never had a harder time getting a loan. Since the onset of the credit crisis over two years ago, available credit to small businesses and consumers has contracted by trillions of dollars, and that phenomenon is reflected in dismal consumer spending trends. Equally worrisome are the trends in small-business… Read more »
Anonymous
Successful Dice Roller
6 years 11 months ago

Lucas, so with this information that has not hit the markets yet, do we buy or short Starwood Capital Group ?

Anonymous
user
6 years 11 months ago

Nice article..

Anonymous
discoverfla
6 years 11 months ago

Look for pricing at Ivy, Mint and Infiniti to be placed at below $200psf. Jade Ocean, below $400psf. Paramount, below $250psf, Artecity below $380psf, Artech below $275psf, Tao below $120psf and Trump Ft. Lauderdale below $450psf.

Anonymous
Lara
6 years 11 months ago

dicoverfla, you made a pretty bold statement. What was it based on? Please explain.

If it was not based on logic then what was it based on? Special powers?

Anonymous
iphoneapi
6 years 10 months ago

Test

Anonymous
toni
6 years 4 months ago

i have invested in Paramount bay 5 years ago and i have no idea at this point what direction to take.
i would love to get out without losing my entire deposit and not giving it to these Lawyers hat walk away with practically everything.
This completeion date has way passed the building is noting what was promised its a crime that they can get away with this.
Please let me know if anyone has suggestions
thanks

Anonymous
Eric Stratton
5 years 10 months ago
Toni, hang in there! If you loved the building 5 years ago, you will love it even more in 5 months after the improvements have been made. [quote]discoverfla Says: October 12th, 2009 at 8:50 am Look for pricing at Ivy, Mint and Infiniti to be placed at below $200psf. Jade Ocean, below $400psf. Paramount, below $250psf, Artecity below $380psf, Artech below $275psf, Tao below $120psf and Trump Ft. Lauderdale below $450psf.[/quote] One year later, let’s check the predictions: Ivy sold out the remaining 200 units at an average over $200 per sq. ft. Mint started closing units at around $300… Read more »
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