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Chicago Station Urban Condominium Case study
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Chicago Station Urban Condominium case study
Project Background:
150 unit urban condominium development that is 75% sold.
25% of the loan is outstanding and is 12 months past its maturity.
Multiple short term extensions have been granted.
20% of the units are only framed and need to be complete.
Sales are at a standstill.
Borrowers have stopped supporting loan and are no longer cooperative despite
their personal guarantees.
Taxes and condominium assessments are not being paid.
