Industry NewsNews Brief

Seized bank plans Vegas fire sale

From Global Edge
Published on Sep 16, 2009

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by CareyBot

The Las Vegas Sun reports that the regulator responsible for the recently closed Corus Bank, famous for its aggressive condo development lending during the boom, is selling off its foreclosed properties, which include high-profile Las Vegas projects.

The projects include Streamline Tower condominiums on which Corus was owed $108 million. Only 27 of the 275 condominiums there were ever sold. Another is One Las Vegas condominiums at 8255 Las Vegas Blvd. South, which was extended $140 million in credit.

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