When large South Florida developers needed money, they often turned to Lehman Brothers.
That role ended in dramatic fashion when Lehman filed for bankruptcy protection. But Lehman still controls nearly $2 billion in large loans throughout the region, meaning the bank's demise will play out across South Florida's besieged real estate market.
Among the local projects Lehman backed: Miami Beach's new Canyon Ranch resort; Ian Schrager's investment in the Riande hotel chain; the Donald Trump condo tower under way in Hollywood; a recent expansion at the Aventura Mall; and the Related Group's Icon Brickell on Biscayne Bay.
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Within the local real estate industry, executives and analysts predicted a minor effect on Lehman's local holdings, since another lender would likely buy the loans at a discounted price designed to make money even in a depressed market.
Read the complete story at miamiherald.com