Five Mile Capital Tries To Stave Off Chicago Hotel Sale

Law360, New York (March 27, 2012, 3:30 PM EDT) -- Investment firm Five Mile Capital Partners LLC sued a Pennsylvania-based special servicing firm Monday in Illinois court, accusing it of improperly fast-tracking the sale of a foreclosed, Chicago-area hotel property without considering the rights of junior debtholders like Five Mile.

The complaint, filed in the chancery division of Illinois' Cook County Circuit Court, accuses Berkadia Commercial Mortgage LLC of pushing for a quick sale of the property, despite the fact that it has consistently appreciated in value over the past two years and is expected to...
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