Lenders often unwilling to sell distressed condo projects

06/3/2009 | Chicago Tribune (tiered subscription model)

Fearing losses on book value, lenders are showing a reluctance to make deals on distressed condominium projects. "We're making what we consider to be fair-market offers. We get boilerplate responses saying 'Sorry, this isn't going to work for us'," said Tony O'Neill, a commercial broker with Voit Real Estate Services in San Diego.

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