Geneva was hired by a Chicago lender to help resolve a partially complete construction project located in Chicago’s River North neighborhood. The project was intended to be a seven story condominium building containing five residential floors and two retail floors located on the lower levels. Subsequent to project commencement, the borrower incurred greater costs than originally budgeted which caused the lender to cease funding. This halted the construction of the building and resulted in the filing of several mechanics liens against the property.
We have worked with the bank, the lien holders and the developer in negotiating an agreement that will transfer the asset to the bank through a deed-in-lien. We also worked to settle the mechanics’ liens and allow the bank to market the building with our assistance. |
