Related set to turn over Miami condo development to lenders

12/17/2009 | Wall Street Journal, The

Jorge Pérez, chairman of Related Group, said he expects a group of lenders led by HSBC Holdings and Bank of America to take ownership of the firm's Icon Brickell condominium and hotel development in Miami. "The negotiations are almost finished," he said. Banks and developers are in similar discussions about the glut of condos flooding the market in Florida.

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