Miami Real Estate Developers Impacted by Lehman Bankruptcy
Lehman Brothers filed for the largest bankruptcy in history Monday, dwarfing WorldCom Inc.’s insolvency in 2002 and Drexel Burnham Lambert’s failure in 1990.
South Florida was greatly impacted when Lehman Brothers, a lender most large real estate developers would turn to for high-end projects, filed for bankruptcy protection.
The Lehman Brothers bankruptcy has left behind billions in debt, including millions in Miami. Lehman bankrolled some of South Florida's biggest real estate projects such as Miami Beach’s Canyon Ranch resort, the Riande Hotel chain, the Donald Trump condo tower under way in Hollywood and the Related Group’s Icon Brikell on Biscayne Bay. City and county governments also invested heavily in Lehman.
Full Article...Miami Real Estate Developers, Lehman Brothers
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