Lennar Acquires Approximately $740 Million of Loans and Real Estate

Lennar Corporation

today announced that it completed the acquisitions of approximately $740 million of distressed real estate assets, in separate transactions, from three large financial institutions. The acquired assets include loans with a total unpaid principal balance of approximately $529 million and real estate properties with an appraised value of approximately $211 million. The real estate assets in these transactions were purchased at a discount and paid for with a combination of cash and senior unsecured financing provided by one of the selling financial institutions.