Developer Sonny Astani says a construction loan now owned by the Federal Deposit Insurance Corp. and an investment group led by Starwood Capital Group is impeding his efforts to complete a Los Angeles-based mixed-use project by delaying drawing up a budget and paying subcontractors. The project's fundamentals are fine, he says. The loan went to the FDIC when lender Corus Bank failed. The entity managing the project on behalf of FDIC says Astani's financial projections are off and his paperwork incomplete.
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