Ventures of Chicago developer Sedgwick Properties Development Corp. are embroiled in litigation with a lender on two South Loop condominium projects, including one of the last developments to break ground there in 2008 just as the recession and credit crunch were taking hold.Read the rest in today's Crain's Chicago Business.
Amalgamated Bank, a union-owned lender, is suing to foreclose on the $50-million construction loan it provided for the low-rise, 180-unit Terrazio at 1935 S. Wabash Ave. The New York-based bank filed its foreclosure suit in May and followed up with a separate complaint in June against the development venture and Sedgwick’s Marty Paris, saying Mr. Paris personally guaranteed the 2008 loan.
Wednesday, August 10, 2011
Two Sedgwick Properties Face Bankruptcy
a $50million TIF subsidy to develop the Maryville property, even though they were never able to tell us exactly what they have planned:
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Isn't that how you do it? Take out a new loan to pay off your old loan and hope by magic that some day you eventually catch up on the overdue amount before they catch up to you?ReplyDelete
It kinda explains the hurried timeline eh?ReplyDelete
I thought nothing else could be said about this Sedgwick folly.....I stand corrected.
This is way outta my league but...what if they got the greenlight and went belly up a year or so from now could Uptown have wound up with a big nasty hole or a skeleton for years to come?
And due to Cappleman taking his time and asking for input of the public, he saved the TIF funds and our neighborhood from another project from this firm. See seeking input from your community does payoff. I wonder if this is one topic Shiller will discuss in her 30 year memory of an Alderman? hmmm.......ReplyDelete
Remember when I said "Not against development just against THIS developer". Here it comes....get ready.....I told ya so. Oh that feels good.ReplyDelete