Can-Do Condos

Two developers help banks redeem high-rise foreclosures

Two veteran Chicago developers are prepping themselves to benefit from a potential rash of foreclosures on large condo projects. Late in 2008, Magellan and Belgravia Group separately announced plans to help banks finish and sell troubled projects taken over by the banks; the developers also plan to start acquiring a few troubled projects themselves. “We look for business like this to accelerate in the next six months, when banks get their arms around the problems in their portfolios,” says Jim Loewenberg, one of Magellan’s co-CEOs. “We haven’t seen the tip of the iceberg on these things yet,” adds Alan Lev, who recently took over as Belgravia’s CEO, following in the footsteps of the company’s founder, David “Buzz” Ruttenberg.

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