Bank of America Corp. won a $5.2 million judgment against the Irish developer Garrett Kelleher and his Shelbourne Development Group Inc. for defaulting on a loan for the planned 150-floor Chicago Spire condominium tower.
U.S. District Judge Amy St. Eve in Chicago ruled in favor of the Charlotte, N.C., lender, awarding damages plus daily interest of about $153 through Aug. 5, the date of the judgment. St. Eve also awarded B of A about $117,343 in credit card payments and $26 a day in interest.
"There is no genuine dispute as to the material facts that Shelbourne defaulted on its obligations under the loan agreement and credit card agreement and that Kelleher personally guaranteed payments of any and all debts," St. Eve wrote.
B of A sued Shelbourne and Kelleher, in his role as chairman, in 2009 claiming the builder failed to show that it had obtained an irrevocable commitment for a construction loan from a lender or lending syndicate, leading the bank to declare a default.
Shelbourne officials didn't immediately return a call seeking comment on the judgment.