Quote of the day: Kargil defaults on X/O

“He said, ‘We’ve got bad news: X/O has basically failed.'”

– Joubin Khorsand, an investor in Kargil Development‘s X/O Condominiums project, recounting a conversation he had with Kargil principal Keith Giles earlier this year.

Kargil has defaulted on a $19.1 million loan for the two-tower condo development at 1712 S Prairie Ave in the South Loop, according to Crain’s. The developer also faces a lien from Lucien Lagrange Architects for $505,368 in unpaid bills.

The latest Appraisal Research Counselors Downtown Benchmark Report showed about 210, or 44 percent, of X/O’s 479 condos under contract, Crain’s reports.