Lender Can't Show Damages In Hotel Sale, Ill. Court Says

Law360 (October 7, 2019, 9:50 PM EDT) -- An Illinois appellate court held Friday that the most junior lender on an $86 million loan wasn't damaged when a special loan servicer sold a foreclosed Westin Hotel at what the lender claimed was too low a price.

The lower court wasn't wrong to determine selling the hotel at the time was a better financial option than holding out for a higher sale price, the court said.

Five Mile Capital Westin North Shore SPE LLC owned about $24 million of an $86 million loan taken out by the hotel owner, which later defaulted on the loan. Berkadia Commercial Mortgage foreclosed on...

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