Developer Faces $21M PNC Suit Over Shopping Center

Law360, New York (October 31, 2011, 6:22 PM EDT) -- PNC Bank NA launched a $20.7 million breach of contract suit Friday against Michigan development company Trillium Circle LLC, saying it defaulted on two construction loans in connection with an outdoor shopping center project.

In addition to seeking a financial judgment, the banking subsidiary of PNC Financial Services Group Inc. asked a Michigan federal court to order a foreclosure sale of the shopping center and appoint a receiver to continue the operation and management of the project.

PNC Bank agreed to make two construction and land development...
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