JADE Ocean Lending Pertaining to Corus Bank Troubles

Jade Ocean closings have begun and there will be double the blog postings with time. A lot seems to be unfolding with sales occurring and the developer moving the last remaining units at Jade Beach. This week a B1 & B2 model at JADE Beach went into contract and the prices will be reported in the coming month after they close. I’ve had many inquiries from buyers & sellers because of this blog and am pleased to see sales & progress from it. JADE Ocean will be interesting to watch and report to you during the second half of this year. A higher price point comes a higher uncertainty from speculators as they arrive to the final days of scheduled closings. Reports of Corus Bank (NASDAQ: CORS), which indicate banking troubles, have stirred up news & media attention as they mention the potential lending issues of the only Miami Dade oceanfront building which happens to be Jade Ocean Condos.

“Five South Florida projects funded by Corus are under construction, with no units completed. These projects cover 1,537 units and $869.1 million in loans – more than half of its outstanding loan balance in the region. The three largest loans in the bank’s nationwide portfolio – the Miami-Dade County projects Jade Ocean Condominiums, Paramount Bay and the Mint at Riverfront – will likely start closings amid one of the toughest condo sales markets in the nation.” –SFBJ

Edgardo Defortuna of Fortune International said his company has a great relationship with Corus Bank, which has funded its Jade Ocean and Artech Residences at Aventura condo projects and replied… “I have no direct concerns about their funding availability because our transactions with them are just about complete, with one building done and the second one 30 days from being complete,” Defortuna said in an email. “We hope they can resolve the current situation and have the ability to continue offering such services and resources.” -SFBJ

Great confidence in that answer and I do trust this won’t be a short term concern with the CO here along with closings happening NOW for Jade Ocean. Impeccable timing we trust just prior to Corus’ potential demise. Anyone care to share there thoughts & input on this…. let the many readers know what you do.