Mark McKinney, project manager of the Lake and Lathrop development, told River Forest officials Monday that his firm is “working diligently” on securing financing and meeting other conditions by Sept. 15 to avoid the village revoking the building permit and issuing a stop-work order.McKinney appeared at the Village Board meeting Monday as part of an agreement tied to action by officials at their Aug. 28 village board meeting to grant the developer, Sedgwick Properties, a building permit extension, the latest in a string of extensions. Whereas the extension runs through Aug. 30, 2024, it comes with a series of conditions that must be met by Sept. 15.The long-delayed condominium project has been on life support since April when Beverly Bank and Trust, which is financing the development, filed suit against Sedgwick Properties. Through the lawsuit, filed in Cook County court, the Wintrust-affiliated bank is looking to claw back $4.2 million from the $20 million line of credit it issued
Like the proverbial cat with nine lives, the Lake and Lathrop condominium project in River Forest survived a vote by the River Forest Village Board Aug. 28 that could have resulted in the plug on the long-delayed project being pulled.Board members voted 4-2 to grant the developer, Sedgwick Properties, yet another in a string of building permit extensions. However, whereas the extension runs through Aug. 30, 2024, it comes with a series of conditions that must be met by Sept. 15. Trustees Erika Bachner and Katie Brennan voted against granting the extension.The project has been on life support since April when Beverly Bank and Trust, which is financing the development, filed suit against Sedgwick Properties. Through the lawsuit, filed in Cook County court, the Wintrust-affiliated bank is looking to claw back $4.2 million from the $20 million line of credit it issued in 2022. In the lawsuit, the lender has reportedly cited several provisions in its loan agreement with Sedgwick affiliates
Sedgwick Irking Contractors, Lender on High-End Housing Projects therealdeal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from therealdeal.com Daily Mail and Mail on Sunday newspapers.
Wintrust Financial Corporation Reports Record Year-to-Date Net Income streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.