Colony Capital Going After Corus Bankshares

Colony Capital and the Related Companies have expressed interest in possibly pursuing the assets of one of Southern Florida’s most prolific lenders during the condo boom, Corus Bank. The bank was well known for providing large non-recourse loans to developers and converters of condominiums. As the market fell apart the bank has come under a lot of pressure to raise capital, and was branded as undercapitalized by government regulators. If it fails to raise additional capital, Corus could fall into receivership, Colony Capital and Related Cos. see an opportunity.

This is also important as it may begin to signal that some of the so-called “smart money” is beginning to see stabilization and opportunity in the residential sector.

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