Chicago-based Terrapin Properties LLC may be in danger of dissolution following a foreclosure suit against one of the company’s Kenosha, Wisc., developments, the Sun-Times reports.
That could be bad news for one of Terrapin’s biggest local projects, The Residences at Burnham Pointe. The 28-story, 298-home high-rise under construction at 720 S Clark St is 55 percent sold, according to the Sun-Times. A Burnham Pointe sales manager told me last month that the building would be ready for first deliveries this spring.
So what’s going to happen to these condos?
Sources said (Terrapin principal Jay) Geleerd begged for time Friday on a conference call with a large number of creditors. They said Geleerd asserted he was close to selling the Burnham Pointe condo inventory to somebody whose cash would prop up the company.
“The atmosphere was pretty intense,” one person said. “And nobody believes that in this market, there’s an investor looking for condos.”
Terrapin’s inventory also includes homes at the Grand Plaza condo conversion at 545 N Dearborn Ave and new construction units at 901 W Madison St.