If you get off the 9th St. exit of the Harbor Freeway, it's hard not to notice the giant high-rise standing catty-corner from The Pantry. And now, one of Sonny Astani's signature developments is in bankruptcy. Kind of a twist: The project's construction lender, Corus Bank of Chicago, was seized by federal regulators, putting the 348-unit complex in financial limbo. From the Business Journal:
Astani said he cannot wait until October, when the FDIC is supposed to announce Corus' buyer, to have the liens released so buyers can complete their sales. It is typical for construction lenders owed money to place liens on individual units of a residential project. Astani instead wants a bankruptcy judge to push the sales through despite the liens. Astani said proceeds from the sales would be used to pay off the construction loan and contractors.