Developer pulls out of DePaul Hospital redevelopment, citing rising costs, interest rates dailypress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailypress.com Daily Mail and Mail on Sunday newspapers.
Marathon Group had proposed to redevelop the former Bon Secours DePaul Hospital into almost 500 luxury apartments. Citing rising costs, the developer has pulled out of the project but Bon Secours is still looking to sell the land.
Jordan Peele met his famous comedy partner Keegan-Michael Key around 2002 at Second City in Chicago, and eventually performed this classic routine that every air traveler should see. This morning I head to Chicago, and from there to the MMLA event in Mt. Pleasant, Michigan. Given my time with originators last week, the email traffic over the weekend, lenders are very concerned about overcapacity and therefore overhead. On a micro level, staff that may have been held onto “just in case” volume picked up are being reviewed. On a bigger scale, owners of lenders and vendors have seen their values decline and mergers and acquisitions are definitely a topic. The latest example of this is Denver’s Proprietary Capital announcing plans to buy 100 percent of New Jersey’s American Financial Resources (AFR); employees and counterparties were told Friday. And on a macro level, this week the economic calendar features fresh updates on inflation, with both the July Consume
John Kenneth Galbraith said, “The only function of economic forecasting is to make astrology look respectable.” How about forecasts of how dramatic this downturn has been for residential lenders and related third parties? What is making the headlines these days are companies that are not reducing their workforce, since on the flipside nearly every lender, large and small, are having layoffs, as well as many vendors from small to large (like ICE’s cutbacks in its mortgage group which had an operating loss for the second quarter of $6 million). Behind the scenes? STRATMOR Partner Jim Cameron notes, “While the industry struggles with downsizing, correspondent investors are seeing a greater incidence of manufacturing defects as loans are delivered to them. The industry is originating ‘harder to do’ loans and lenders are cutting staff which is not a great combination.” (Today’s podcast is available here and this week’s is sponso