March 18, 2009 – It’s probably lights out for the proposed 107 story mixed-use Streeterville high-rise that was to be anchored by a Waldorf Astoria hotel. Chicago real estate developer Christopher Carley of the Fordham Co. has defaulted on a $38.2 million loan that came due January 3rd and the lender, Fred Kummer, has now filed a foreclosure suit. The $42.8 million suit includes interest and fees accumulated on the loan, according to an article in Crain’s. Carley had already been hit with a $711,000 suit filed by architects DeStefano & Partners for their design work on the tower.

Carley had told Crain’s in a recent interview that he was in negotiations to work out a new agreement for the loan and that the tower might be pushed back a couple of years. But Kummer, who not only issued the loan but interestingly was also the seller of the property, said that the two parties were unable to reach an agreement and that, “It reached the point where we just had to settle the issue.”

As for current steals and deals, Printer’s Corner has inked out a new chapter in their efforts to sell out the remaining Chicago condos in the 170 West Polk Street project. With just under 20 units left, the developer had been advertising “Live Free for Six Months” for the next 10 buyers. With that deal, a buyer could pick either a rate buy down of as much as 1.25% on a fixed 30 year loan or have 6 months of principle, taxes, condo association fees and interest paid for them. Now Winthrop Properties is throwing in the offer of buying out your lease if you are renting somewhere and want to purchase a condo at Printer’s Corner. You have to contact the sales team for specific details. Prices for the remaining one to two bedroom units run from the low $300,000s to high $400,000s.

Other developers have tried the lease buyout incentive before, although no one has confirmed how successful a marketing tool it is. And if you aren’t ready to make a purchase right now, you may want to explore the option of Rent to own condos in Chicago.

[tags]Printers Corner, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Wednesday, March 18th, 2009 at 4:28 pm and is filed under Mortgage Information.