Investors buy key assets of Corus Bank, including Tampa Bay condo projects

Times Staff Writer
Posted: Oct 07, 2009 07:21 PM

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Investors led by Starwood Capital and TPG agreed to buy the key assets of failed Chicago lender Corus Bank for $554.4 million, the Federal Deposit Insurance Corp. said, in a deal that will make the Starwood group a significant owner of condo projects in Tampa Bay and South Florida.

The FDIC will maintain a 60 percent equity interest worth $831.6 million in the deal.

Separately, Minto Communities LLC, a U.S. subsidiary of Canadian-based Minto Group, purchased the 352-acre condo project known as SevenShores on Perico Island just south of Tampa Bay from St. Joe Co. Combined, the deals signal new blood coming into Florida to help kickstart a stalled condo market.

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Investors buy key assets of Corus Bank, including Tampa Bay condo projects

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