Walton on the Park doesn’t have to worry about that pesky construction loan anymore. According to Crain’s, the Dart family — owners of Dart Container Corp. — paid off the $82-million construction loan on the 189-unit high-rise at 2 W Delaware St.
With just 16% of the building’s units sold by the end of 2010, Walton’s developers, The Enterprise Companies and Mesirow Financial Real Estate, “needed a minor miracle” to pay the loan by September, and were already preparing to turn the building over to their lender, ST Residential, in a deed-in-lieu of foreclosure, Crain’s reports.
The Darts may rent out Walton on the Park’s units in the short term (something Enterprise and Mesirow were also considering), but sales are expected to relaunch once the condo market improves.