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Bulk Buy of River City Condo Complex Falls Through
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Marc Realty Capital’s $100-million offer to buy all 448 residential condominium units at the River City complex has reportedly fallen through, according to Crain’s Chicago Business. The developer submitted a new offer for $89-million late last week.
The new offer comes in below the $92-million that Marc Realty offered in February 2017, an amount that fell short in a vote by River City condo owners. Marc terminated the $100-million bid last month, citing “significant deferred maintenance issues” that were uncovered during due diligence.
“The parties are working toward re-entering a mutually-satisfactory revised contract,” according to a statement from the developer. Issues to be addressed, it said, include the timing of the closing of the deal, non-refundable earnest money coming from the buyer, and the final purchase price. The River City homeowners board was slated to meet soon to weigh Marc’s latest offer.
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