Chicago Developer To Exit Bankruptcy

The developer of the Chicago Spire has found a way out of its bankruptcy. Atlas Apartment Holdings LLC has agreed to finance $135 million toward its exit plan. Shelbourne North Water Street LP has been in Chapter 11 reorganization since 2008.

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The developer of the long-stalled Chicago Spire told an Illinois bankruptcy court Thursday that it has snagged up to $135 million from Atlas Apartment Holdings LLC to finance a plan to pay off debts, exit bankruptcy and potentially restart construction on the ambitious project.

Shelbourne North Water Street LP, the developer owned by Irish real estate magnate Garrett Kelleher, said in a motion seeking court approval for the deal that Atlas, the Chicago-based residential development and management company, will front up to $135 million in bankruptcy exit plan-related financing that will enable Shelbourne to pay off its creditors and complete its Ch. 11 reorganization. Shelbourne has until March 10 to file its reorganization plan before its exclusivity period expires, after which its creditors or other interested parties can file their own reorganization plans. Continue reading…

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