CHICAGO-Larry Freed, the developer of two huge commercial realty projects, the Sullivan Center and Block 37 in Chicago, is negotiating with lenders to avoid foreclosure on the properties.
The developer received an extension for the $170 million mortgage financed for the Sullivan Center development from PNC Financial Services Group Inc. while the primary lender for the Block 37 project, Bank of America Corp., refused to make such a concession due to Freed's failure to adhere to the conditions of the $173 million loan.For the full story, go to Wall Street Journal.
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