The developers of The Opera Lofts, a 93-unit condo development in Bronzeville, have been hit with a foreclosure suit, according to Crain's. The three members of the development team pictured above personally guaranteed more than $20 million of the loan, and Urban Partnership Bank is seeking to collect that money. That news elicited one of the most depressing quotes we've ever read from Adolfo Castellanos:
"What are they going to get from me? I have nothing," he says. "Even my little dog is sick."Even his little dog is sick. Oh, man. The Opera Lofts was a pretty attractive development, but it was the victim of bad timing and some miscalculations about the demand for pricey condos in Bronzeville. According to the Crain's article, just 34 condos were sold in five years.
· Foreclosure suit hits developers of Bronzeville loft project [Crain's]