Everything looks rosy for Walton on the Park, which received a $135 million construction loan to finance the first tower’s groundbreaking, but we can’t say the same for the Plymouth Building at 417 S. Dearborn.
Crain’s is reporting that Broadway Bank is attempting to foreclose on the 11-story condo conversion project. Developers owe $2.9 million on the existing construction loan, but they’re confident they can restructure the loan and proceed with the redevelopment. About 15 of the planned 30 one-bedroom condos have been sold.
Though he was “a little surprised” by the foreclosure suit, [Developer Charles Everhardt] is confident Broadway will agree to restructure the loan.
“Everything will be back on track in another 30 days,” he says.
Why is selling only 43% of your condos in 8 months a “rosy” scenario? (for Walton on the Park)
Seems to me the other tower might never get built.
by this next spring the housign market will be back on track, right? right??