CHICAGO-Larry Freed, the developer of two huge commercial realtyprojects, the Sullivan Center and Block 37 in Chicago, isnegotiating with lenders to avoid foreclosure on theproperties.
The developer received an extension for the $170 millionmortgage financed for the Sullivan Center development from PNCFinancial Services Group Inc. while the primary lender for theBlock 37 project, Bank of America Corp., refused to make such aconcession due to Freed's failure to adhere to the conditions ofthe $173 million loan.For the full story, go to Wall Street Journal.
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