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Bilzin Sumberg Represents Lennar Corporation in Acquisition of More Than $700 Million of Assets

Press Release
September 30, 2010

MIAMI, FL Bilzin Sumberg Baena Price & Axelrod LLP, led by Corporate & Securities Partner Steven D. Lear, represented Lennar Corporation, one of the nation's largest homebuilders, and its Rialto segment, in the acquisition of a combined portfolio of in excess of $700 million of distressed real estate assets. In separate transactions, the combined portfolio was acquired from three large financial institutions at a discount, purchased partially with cash and also with senior unsecured financing provided by one of the selling institutions.

The assets, located in 17 states primarily in the Southeastern and Mid-Atlantic United States, are comprised of an estimated 397 non-performing residential and commercial acquisition, development and construction loans, and several hundred real estate properties, including land, lots, single- and multi-family residential communities at varying stages of completion. Rialto will oversee and manage on a day-to-day basis the workout of all of the portfolios.

Lear was assisted in the transactions by Corporate & Securities partner Joanna Iglesias and Real Estate partner Jon Chassen. Earlier this year, Bilzin Sumberg represented Lennar when it acquired a 40 percent equity interest in two limited liability companies formed by the Federal Deposit Insurance Company ("FDIC") to own and manage distressed real estate loan portfolios having a total outstanding balance in excess of $3 billion. The loan portfolios are comprised of approximately 5,500 distressed commercial and residential real estate loans from 23 failed banks, and are backed by a variety of real estate such as partially developed land, residential units, raw land, finished home sites, retail space and office/industrial space. In that transaction, the FDIC retained a 60 percent equity interest in the limited liability companies.

About Bilzin Sumberg

Bilzin Sumberg Baena Price & Axelrod LLP is a full-service, commercial law firm based in Florida. The firm has extensive experience in the areas of commercial finance, corporate and securities, environmental law, land use and government relations, litigation, real estate, restructuring and bankruptcy, tax and wealth transfer. For more information, visit www.bilzin.com.

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Jon Chassen

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