CHICAGO-An investment firm based in New York has snapped up a failed development in Western Springs. Medley Capital Corporation has purchased the 105-acre Timber Trails site at Wolf and Plainfield roads from PNC Bank.
The site was slated for 338 townhouses and single-family homes. Dartmoor Homes, the original developer, completed only 31 single-family homes before defaulting on approximately $113 million in loans. Medley will retain Dartmoor to complete the development. Dartmoor bought the site in 2004 for $45 million. For the full story, go to Crain's Chicago Business .
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