Developers are foundering in attempts to build a Dominick's-anchored condominium development in Lake View, a deal that threatens public pension money from a fund co-managed by a nephew of Mayor Daley.Imagine that.
The fund, DV Urban Realty Partners, pooled $7.9 million from five city pension funds to invest in the project at 3030 N. Broadway. The money was for a mezzanine loan, similar to a second mortgage, that the fund now says is in default.
DV is run by Robert Vanecko, eldest grandchild of the late Mayor Richard J. Daley, and Allison Davis, a business partner of convicted influence peddler Tony Rezko. The Broadway loan was the partnership's second-largest investment, records show.
Thursday, May 28, 2009
Deal threatens pension fund co-managed by Daley nephew
The Chicago Sun-Times reports:
