With loan delinquencies up 10%, projects spawn liens, suits

11/4/2008 | GlobeSt.com · GlobeSt.com

With construction loan delinquencies jumping to an estimated 10% in the third quarter, an increasing number of commercial construction projects are being slapped with liens or ending up in litigation. The Granby Tower project in Norfolk, Va., has sparked four lawsuits since construction ended last year, and the Spire condominium project in Chicago has collected several liens before construction has even begun. "The magnitude of the crisis is historic," said Ted Novak, a Chicago real estate attorney in practice for 30 years. "Activity has stopped."

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