Crain's Chicago reports that the developers of the Mandarin Oriental development project have had trouble in obtaining a contruction loan following the recent credit crunch and this has delayed the ground-breaking originally scheduled for last August.

Suppliers to the project have recently filed liens due to non-payment for service.

However, the "The venture has renegotiated its contracts with the architecture firm and the contractor, and they will be paid this month, regardless of whether construction financing is in place, Chris Kenny says. The financing is expected to be obtained in January, he says."

More info - http://www.windychat.com/bills-hit-m...ject-4813.html (Bills hit Mandarin Oriental project)

Mandarin Oriential still looking for financing:

Trouble in Shangri-La :: CHICAGO SUN-TIMES :: David Roeder

Shangri-La "was in the same high-end league as the now-scrapped Canyon Ranch high-rise in Streeterville and the proposed Mandarin Oriental condo and hotel tower at Lake and Stetson, where the developers have yet to secure funding. But at least investors in those deals didn't make the costly mistake to begin construction."

Mandarin Oriental could be in foreclosure soon...

"In Chicago, among the delinquent properties is a Mandarin Oriental Hotel development site at 160 North Stetson Ave. near the Aon Center, according to Real Capital."

Commercial Property Defaults Rise as Equity Dries Up (Update1) - Bloomberg.com

Who is the lender?

Little room to operate -- chicagotribune.com