Loan Issues for the Developer at the Columbian

Looks like there is some loan issues at the Columbian (corner of Roosevelt and Michigan - 1160 S. Michigan). Crain's reports that:

Chicago developer Allison Davis has lost control of a slow-selling $117-million condominium tower overlooking Grant Park, rankling an investor in the project who has sued the lender that took it over.

A unit of Boston-based Fidelity Investments reneged on a deal to modify an $18.5-million mezzanine loan to the Columbian, a 46-story building at 1160 S. Michigan Ave., according to the lawsuit, filed last week in Cook County Circuit Court.

Thanks to YoChicago for leading us to this story.

(Image from cribchatter.com)