Lennar Corp., one of the nation’s largest residential developers, said Tuesday it is tapping the bond markets for $250 million, hoping to use the cash to strengthen the financial standing of its financing and property management units.
The Miami-based home-builder announced it had priced $250 million worth of five-year notes in a transaction the company hoped to close by Thursday. The bonds will offer investors a relatively high interest rate of 7 percent and are expected to sell at par, Lennar said.
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