DV Urban Realty - Again
Remember those assholes? The "V" in DV is for Vanecko you may recall. In the news again:
- A venture led by Chicago investor Allison Davis faces foreclosure on the site of a former Dominick's supermarket in Lakeview after seizing the property from its prior owner last year.
Wanxiang America Real Estate LLC, an Elgin-based real estate firm backed by Chinese capital, sued last month to collect $8.3 million from an affiliate of DV Urban Realty Partners, a fund led by the politically connected developer. The fund failed to pay off a loan from Wanxiang that it took out after repossessing the property at 3012-3036 N. Broadway in March 2011, according to the complaint,
The suit represents another setback for Mr. Davis and the firm that manages the fund, which was fired earlier this year by five city pension plans, citing the fund's poor performance. The fund and pension plans sued each other in February, with a Delaware judge ruling in August that the plans had the right to fire Mr. Davis' firm.
As a real estate venture firm, they seem to be a complete failure, existing only to funnel money to politically connected individuals before disappearing behind a blizzard of paper and defaulted loans.
Labels: city politics