SOURCE: Hyperion

September 15, 2009 12:59 ET

Corus Bank Condo Loan Purchased by Miami Developer Hyperion

MIAMI, FL--(Marketwire - September 15, 2009) - Hyperion Onyx Partners, LLC, an affiliate of South Florida-based Hyperion Development Group, last week acquired the construction loan held by Corus Bank for Onyx on The Bay, a 118 unit condominium on Biscayne Bay in Miami.

The Onyx note purchase marks Hyperion's first such acquisition. The company recently completed and successfully closed all 541 units at the iconic Marinablue, a 60-story mixed use condominium in downtown Miami across from the American Airlines Arena. In addition, Hyperion's asset management division is running developer operations at the 396-unit Tao Sawgrass condominium in Sunrise, Florida.

"Our success in this market has uniquely positioned us to partner with developers, investment funds and banks to execute and maximize value at challenging development projects," said Robert Vecsler, Hyperion's CEO. "We expect our acquisition and asset management teams to continue to be active in pursuing opportunities presented in this climate."

Hyperion Development Group (www.hypdev.com) is a Miami-based developer of large-scale condominium projects. The group's asset management division leverages its talented team and resources -- including its branded POSH (www.poshcondos.com) ownership solutions -- to provide owners of real estate assets with a full range of development services including construction, unit closings, sales and leasing, and rental management.

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