Downtown Chicago Condo Developers Stuck With Slow Moving Inventory Lean On Lenders' Leniency To Avoid Falling Into Default, Foreclosure

In Chicago, Illinois, Crain's Chicago Business reports:

• Chicago's downtown condominium developers got all the loans they wanted during the real estate boom. Now they're asking lenders for something else: time.

• A growing number of high-rise developers, including Donald Trump, have sought or already received extensions on construction loans coming due. Absent any breathing room from banks, developers that have been slashing prices but still sit on stacks of empty condos face loan defaults. Foreclosure may be unavoidable for the weakest projects.

For more, see High-rise headache.