Astoria Tower is a 248 unit luxury Chicago high rise with parking and a host of amenities. Geneva initially secured $87M of financing – including Senior and Mezzanine Loans. Cost issues began even before vertical construction started, eventually totaling $95M. Despite strong pre-sales of 70%, only a few pre-sales actually closed due to construction delays. For a number of reasons including construction delays and cost issues, Geneva became Project Manager for the project on behalf of the Bank Group about 3 years after the start of the project.
As Project Manager Geneva:
- Negotiated multiple forbearance agreements between borrower and bank group
- Assisted in obtaining final occupancy certificates from the City of Chicago
- Worked with developer, general contractor, sub-contractors and marketing company on a weekly basis to coordinate completion of the building and sale of units
- Coordinated with Counsel the preparation and completion of the final deed-in-lieu transaction with borrower to transfer building to entity owned by the bank group
Geneva conducted 25 building tours for potential buyers and presented two best offers to the bank. Geneva then negotiated a Letter Of Intent and Purchase Agreement with the winning bidder. Geneva consummated the sale of the building in December 2010 on behalf of the bank group some 90 days after the Letter of Intent was signed. |
