CHICAGO-A Boston-based investment firm has purchased the overdue construction loan on a 229-unit River North condominium project at 303 W. Ohio St. A fund controlled by the Davis Cos. bought the loan on the 38-story Silver Tower that's in foreclosure from a group of banks.
The lenders took the development from an associate of Oak Brook-based Metropolitan Real Estate Co., the original developer of the tower. Steven Baer of Chicago-based Rally Capital Services LLC is the court-appointer receiver for the property. For the full story, go to Crain's Chicago Business .
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