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Article: Did project move too quickly? Park Lafayette backers say so in response to suit
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- October 16, 2009
- Author:
CopyrightCopyright 2009 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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By TOM DAYKIN
Three Chicago-area investors in the Park Lafayette condominium
towers say the financially troubled project's second high-rise was
built before a proper level of condos was sold.
That claim is made in documents filed this week in Milwaukee
County Circuit Court by Richard Borkowski, John Borkowski and Edward
Borkowski. They provided personal guarantees for repayment of an $87
million loan that helped finance Park Lafayette on Milwaukee's east
side.
New York-based Amalgamated Bank recently filed a foreclosure suit
targeting Renaissant Lafayette LLC, which owns the 281-unit Park
Lafayette development at 2000-2038 N. Prospect Ave. The bank also is
suing Warren Barr, president of ...