Concerto condo in Chapt 11

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.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
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Letter from Down Under: Welcome to the Homogenocene
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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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