Chicago Station Urban Condominium Case study

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Chicago Station Urban Condominium Case study

  1. 1. WALK IT OFF: When Workouts Don’t Work Out- An Exploration of Litigation and Bankruptcy GreenPearl Midwest: Beyond Distress May 12, 2011 Chicago Station Urban Condominium case studyProject 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.

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