http://www.chicagorealestatedaily.co...ws.pl?id=33191
Hines misses financing deadline for proposed tower
By Thomas A. Corfman, March 04, 2009
Hines Interests L.P. has missed a deadline imposed by William Blair & Co. LLC to get construction financing for a $536-million skyscraper to be anchored by the investment firm, intensifying doubts that the riverfront tower will be built.
A joint venture led by Houston-based Hines still has a 30-day grace period to arrange financing. But the firm now risks breaking the lease and being forced to pay Chicago-based Blair a hefty, multimillion-dollar penalty.
Meanwhile, the two sides are discussing Hines’ request for a 90-day extension of the financing deadline, according to sources familiar with the talks.