Eric Frost
December 2nd, 2007, 03:33 PM
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-mandarin-oriental-project-4813.html
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-mandarin-oriental-project-4813.html