LEHMAN AFFILIATES GET CANYON RANCH UNITS

The remaining 336 unsold condo and condo hotel units in the three tower Canyon Ranch complex in Miami Beach have been acquired by affiliates of bankrupt Lehman Brothers in a "friendly foreclosure" against its Miami developers, according to a report in The South Florida Business Journal.

The outlets reported that the units were transferred for an average of $672 a square foot for a total of $301.2 million, excluding the amount paid for additional land and common areas. No cash exchanged hands in the deal, according to the Business Journal.

The developers included North Carillon, a unit of Miami based WSG Development, and Carillon South Venture.

A friendly foreclosure, is also called a deed-in-lieu of foreclosure, refers to an arrangement in which a borrower agrees to surrender title to a lender as a way of avoiding a lengthy and expensive foreclosure process.