BLOOMINGTON, Ill. - A state court refused to tie the foreclosure of a troubled $9-million condominium project financed by CEFCU to a lawsuit between developers of the project.
The Peoria-based credit union giant is foreclosing on the $5.8 million it lent to the developers, who are suing each other over rights to the project.
The court last week denied a motion to consolidate the two suits and dismissed cross claims between the developers.
The dispute has left the $9-million, 28-unit condominium project in limbo. So far, three units have been sold in the converted furniture factory but no sales are being made at the building while the lawsuit is pending.(c) 2008 Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
